Child Tax Credit Improvement Act of 2014

Child Tax Credit Improvement Act of 2014 - Amends the Internal Revenue Code, with respect to the child tax credit, to: (1) increase from $110,00 to $150,000 ($75,000 for individual taxpayers and married taxpayers filing separately) the threshold amount applicable to married couples filing joint tax returns above which such tax credit is reduced, and (2) allow an inflation adjustment to the threshold amounts and the $1,000 credit amount beginning after 2014.

Requires taxpayers to include their social security numbers on their tax returns to claim the refundable portion of the child tax credit.

Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4935 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4935

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 23, 2014

  Ms. Jenkins (for herself, Mr. Kelly of Pennsylvania, and Mr. Nunes) 
 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 improvements 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 Improvement Act of 
2014''.

SEC. 2. IMPROVEMENTS TO CHILD TAX CREDIT.

    (a) Elimination of Marriage Penalty.--Section 24(b)(2) of the 
Internal Revenue Code of 1986 is amended by striking ``means--'' and 
all that follows and inserting ``means $75,000 (twice such amount in 
the case of a joint return).''.
    (b) Inflation Adjustment of Credit Amount and Phaseout 
Thresholds.--Section 24 of such Code is amended by adding at the end 
the following new subsection:
    ``(g) Inflation Adjustment.--
            ``(1) In general.--In the case of any taxable year 
        beginning in a calendar year after 2014, the $1,000 amount in 
        subsection (a) and the $75,000 amount in subsection (b)(2) 
        shall each 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 2013' for `calendar year 1992' in 
                subparagraph (B) thereof.
            ``(2) Rounding.--Any increase determined under paragraph 
        (1) shall be rounded--
                    ``(A) in the case of the $1,000 amount in 
                subsection (a), to the nearest multiple of $50, and
                    ``(B) in the case of the $75,000 amount in 
                subsection (b)(2), to the nearest multiple of 
                $1,000.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2014.
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