H.R.4359 - Child Credit Preservation and Expansion Act of 2004108th Congress (2003-2004)
|Sponsor:||Rep. Porter, Jon C. [R-NV-3] (Introduced 05/13/2004)|
|Committees:||House - Ways and Means|
|Latest Action:||07/06/2004 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 609.|
|Major Recorded Votes:||05/20/2004 : Passed House|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Subject — Policy Area:
- View subjects
Summary: H.R.4359 — 108th Congress (2003-2004)All Bill Information (Except Text)
Passed House without amendment (05/20/2004)
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Child Credit Preservation and Expansion Act of 2004 - Amends the Internal Revenue Code to repeal the scheduled reductions in the amount of the child tax credit for taxable years beginning in 2005 through 2009 (from $1,000 to $700 in 2005 through 2008 and $800 in 2009). Makes the $1,000 credit amount permanent.
Increases the income threshold amount for calculating reductions in the credit amount to $125,000 ($250,000 for married taxpayers filing a joint return). Eliminates the reduction in the percentage of earned income for calculating the refundable portion of the credit (15 to 10 percent) for taxable years beginning before 2005.
Includes in earned income for purposes of calculating the refundable portion of the credit otherwise tax excludable combat zone compensation of members of the armed forces.
Exempts from the general termination date in the Economic Growth and Tax Relief Reconciliation Act of 2001 (December 31, 2010) provisions of that Act disregarding as income any refunds from the child tax credit for purposes of determining eligibility for federally funded assistance programs.