Child Tax Credit Preservation Act of 2007

Child Tax Credit Preservation Act of 2007 - Makes permanent the increases in the child tax credit enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003, and the Working Families Tax Relief Act of 2004.

Provides for an annual inflation adjustment to child tax credit amounts, beginning in 2007.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3135 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3135

To amend the Internal Revenue Code of 1986 to make permanent the child 
 tax credit and to allow for adjustments for inflation with respect to 
                         the child tax credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 23, 2007

Mr. Weldon of Florida introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to make permanent the child 
 tax credit and to allow for adjustments for inflation with respect to 
                         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. SHORT TITLE.

    This Act may be cited as the ``Child Tax Credit Preservation Act of 
2007''.

SEC. 2. MODIFICATIONS OF CHILD TAX CREDIT.

    (a) Repeal of Sunset.--Title IX of the Economic Growth and Tax 
Relief Reconciliation Act of 2001 (relating to sunset of provisions of 
such Act) shall not apply to--
            (1) the amendments made by section 201 of such Act,
            (2) the amendments made by section 101(a) of the Jobs and 
        Growth Tax Relief Reconciliation Act of 2003, and
            (3) the amendments made by sections 101(a), 102(a), and 
        104(a) of the Working Families Tax Relief Act of 2004.
    (b) Adjustments for Inflation.--Section 24 of the Internal Revenue 
Code of 1986 (relating to the child tax credit) is amended by adding at 
the end the following new subsection:
    ``(g) Adjustments for Inflation.--
            ``(1) In general.--In the case of a taxable year beginning 
        after December 31, 2006, the dollar amounts in subsection (a) 
        and (b)(2) shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2005' for `calendar year 1992' in 
                subparagraph (B) thereof.
            ``(2) Rounding rule.--If a dollar amount in subsection (a) 
        or (b)(2), as increased under paragraph (1), is not a multiple 
        of $50, such amount shall be rounded to the nearest multiple of 
        $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.
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