Child Tax Credit Permanency Act of 2013

Child Tax Credit Permanency Act of 2013 - Amends the Internal Revenue Code, with respect to the child tax credit, to: (1) make permanent the reduction (from $10,000 to $3,000) of the eligibility threshold for the refundable portion of such credit, and (2) require an annual inflation adjustment to the allowable amount of such credit (i.e., $1,000) after 2013.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 769 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 769

 To amend the Internal Revenue Code of 1986 to permanently extend the 
lower threshold for the refundable portion of the child tax credit and 
               to adjust the credit amount for inflation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 15, 2013

   Ms. DeLauro (for herself, Mr. Neal, Mr. Andrews, Mr. Becerra, Mr. 
    Blumenauer, Ms. Bonamici, Ms. Brown of Florida, Ms. Brownley of 
  California, Mr. Capuano, Mr. Carson of Indiana, Mr. Cicilline, Ms. 
   Clarke, Mr. Clyburn, Mr. Conyers, Mr. Courtney, Mr. Crowley, Mr. 
   Cuellar, Mr. Cummings, Mr. DeFazio, Mr. Doggett, Ms. Edwards, Mr. 
Ellison, Ms. Eshoo, Mr. Fattah, Ms. Fudge, Mr. Gene Green of Texas, Mr. 
Grijalva, Mr. Honda, Mr. Hoyer, Mr. Israel, Mr. Johnson of Georgia, Mr. 
Himes, Ms. Kaptur, Mr. Kildee, Mr. Langevin, Mr. Larson of Connecticut, 
 Ms. Lee of California, Mr. Levin, Mr. Lewis, Ms. Lofgren, Mrs. Lowey, 
 Mr. Ben Ray Lujan of New Mexico, Mrs. Carolyn B. Maloney of New York, 
Ms. Matsui, Mr. McDermott, Mr. McGovern, Ms. Meng, Mr. George Miller of 
California, Ms. Moore, Mr. Moran, Mr. Nadler, Mr. Pascrell, Ms. Pingree 
   of Maine, Mr. Pocan, Mr. Price of North Carolina, Mr. Rangel, Ms. 
  Roybal-Allard, Mr. Sablan, Ms. Linda T. Sanchez of California, Ms. 
Schakowsky, Ms. Schwartz, Mr. Serrano, Ms. Sewell of Alabama, Ms. Shea-
Porter, Ms. Slaughter, Ms. Speier, Mr. Takano, Mr. Tierney, Mr. Tonko, 
   Ms. Waters, Mr. Waxman, Mr. Welch, and Mrs. Davis of California) 
 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 permanently extend the 
lower threshold for the refundable portion of the child tax credit and 
               to adjust the credit amount for inflation.

    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 Permanency Act of 
2013''.

SEC. 2. MODIFICATIONS OF THE CHILD TAX CREDIT.

    (a) Permanent Extension.--
            (1) In general.--Clause (i) of section 24(d)(1)(B) of the 
        Internal Revenue Code of 1986 is amended by striking 
        ``$10,000'' and inserting ``$3,000''.
            (2) Conforming amendments.--Section 24(d) of such Code is 
        amended by striking paragraphs (3) and (4).
    (b) Inflation Adjustment.--Section 24 of such Code is amended by 
adding at the end the following new subsection:
    ``(g) Inflation Adjustment.--In the case of any taxable year 
beginning in a calendar year after 2013, the $1,000 amount contained in 
subsection (a) shall be increased by an amount equal to--
            ``(1) such dollar amount, multiplied by
            ``(2) 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 2012' for 
        `calendar year 1992' in subparagraph (B) thereof.
Any increase determined under the preceding sentence 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, 2012.
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