H.R.1448 - Toddler Tax Credit Act of 1989101st Congress (1989-1990)
|Sponsor:||Rep. Schulze, Richard T. [R-PA-5] (Introduced 03/15/1989)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/15/1989 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1448 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (03/15/1989)
Toddler Tax Credit Act of 1989 - Amends the Internal Revenue Code to allow an individual a refundable income tax credit for each dependent child under the age of five. Establishes credit amounts as the lesser of: (1) $2,000 or 27 percent of income below $10,000 for a single qualified dependent; or (2) $3,000 or 40 percent of such income for more than one dependent. Reduces the credit for taxpayers earning more than $10,000. Makes this credit and the employment-related dependent care credit mutually exclusive. Applies phase-in amounts for tax years beginning in 1990 through 1993. Indexes post-1994 credit amounts.
Authorizes advance toddler tax credit payments by employers to employees who provide certification of eligibility. Requires taxpayers to file information returns to reflect these payments.
Disallows the earned income tax credit to taxpayers eligible for the toddler tax credit.
Reduces the amount of the dependent care credit for taxpayers with adjusted gross income above $50,000.