H.R.4434 - Toddler Tax Credit Act of 1988100th Congress (1987-1988)
|Sponsor:||Rep. Schulze, Richard T. [R-PA-5] (Introduced 04/20/1988)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/20/1988 Referred to House Committee on Ways and Means. (All Actions)|
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Summary: H.R.4434 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (04/20/1988)
Toddler Tax Credit Act of 1988 - Amends the Internal Revenue Code to allow an individual a refundable income tax credit for each dependent child under the age of six. Establishes the credit percentage at: (1) 15 percent for a single qualified dependent; and (2) ten percent for each of three additional qualified dependents. Reduces the credit percentage for taxpayers whose earned income exceeds $8,000 (credit minimum is $750 per qualified dependent) and for taxpayers subject to alternative minimum tax. Directs the Secretary of the Treasury to prescribe tables for determining the credit amount. Applies phase-in amounts for tax years 1989 through 1991. Indexes post-1993 credit amounts.
Provides for advance toddler tax credit payments by employers to employees who provide certification of eligibility. Requires taxpayers to file information returns to reflect such payments.
Disallows: (1) the earned income tax credit to taxpayers eligible for the toddler tax credit; and (2) application of the dependent care credit in connection with a dependent child under the age of six.