A bill to amend the Internal Revenue Code of 1986 to expand the child tax credit.

Amends the Internal Revenue Code to increase the child tax credit from $500 to $1,000. Repeals the limitation on such credit based on adjusted gross income.

[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2903 Introduced in Senate (IS)]







106th CONGRESS
  2d Session
                                S. 2903

  To amend the Internal Revenue Code of 1986 to expand the child tax 
                                credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 21, 2000

  Mr. Abraham introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to expand the child tax 
                                credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXPANSION OF CHILD TAX CREDIT.

    (a) Increase in Amount Allowed.--Subsection (a) of section 24 of 
the Internal Revenue Code of 1986 (relating to allowance of credit) is 
amended by striking ``$500 ($400 in the case of taxable years beginning 
in 1998)'' and inserting ``$1,000''.
    (b) Repeal of Phaseout of Credit.--Section 24 of such Code is 
amended by striking subsection (b) and redesignating subsections (c), 
(d), (e), and (f), as subsections (b), (c), (d), and (e), respectively.
    (c) Conforming Amendments.--
            (1) Section 32(n)(1)(B)(ii) of such Code is amended by 
        striking ``section 24(d)'' and inserting ``section 24(c)''.
            (2) Section 501(c)(26) of such Code is amended by striking 
        ``section 24(c)'' and inserting ``section 24(b)''.
            (3) Section 6213(g)(2)(I) of such Code is amended by 
        striking ``section 24(e)'' and inserting ``section 24(d)''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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