[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 387 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 387

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 31, 2001

  Mr. Weiner 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 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) Increase in Threshold Amounts Before Phase-Out Begins.--
Paragraph (2) of section 24(b) of such Code (relating to threshold 
amounts) is amended--
            (1) in subparagraph (A) by striking ``$110,000'' and 
        inserting ``$137,000'',
            (2) in subparagraph (B) by striking ``$75,000'' and 
        inserting ``$93,750'', and
            (3) in subparagraph (C) by striking ``$55,000'' and 
        inserting ``$68,500''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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