Text: H.R.4935 — 113th Congress (2013-2014)All Information (Except Text)

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Reported in House (07/17/2014)

Union Calendar No. 393

113th CONGRESS
2d Session
H. R. 4935

[Report No. 113–527]


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


IN THE HOUSE OF REPRESENTATIVES

June 23, 2014

Ms. Jenkins (for herself, Mr. Kelly of Pennsylvania, and Mr. Nunes) introduced the following bill; which was referred to the Committee on Ways and Means

July 17, 2014

Additional sponsor: Mr. Reed

July 17, 2014

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

[Strike out all after the enacting clause and insert the part printed in italic]


A BILL

To amend the Internal Revenue Code of 1986 to make improvements to 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. Short title.

This Act may be cited as the “Child Tax Credit Improvement Act of 2014”.

SEC. 2. Improvements to child tax credit.

(a) Elimination of marriage penalty.—Section 24(b)(2) of the Internal Revenue Code of 1986 is amended by striking “means—” and all that follows and inserting “means $75,000 (twice such amount in the case of a joint return).”.

(b) Inflation adjustment of credit amount and phaseout thresholds.—Section 24 of such Code is amended by adding at the end the following new subsection:

“(g) Inflation adjustment.—

“(1) IN GENERAL.—In the case of any taxable year beginning in a calendar year after 2014, the $1,000 amount in subsection (a) and the $75,000 amount in subsection (b)(2) shall each be increased by an amount equal to—

“(A) such dollar amount, multiplied by

“(B) 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 2013’ for ‘calendar year 1992’ in subparagraph (B) thereof.

“(2) ROUNDING.—Any increase determined under paragraph (1) shall be rounded—

“(A) in the case of the $1,000 amount in subsection (a), to the nearest multiple of $50, and

“(B) in the case of the $75,000 amount in subsection (b)(2), to the nearest multiple of $1,000.”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2014.

SECTION 1. Short title.

This Act may be cited as the “Child Tax Credit Improvement Act of 2014”.

SEC. 2. Improvements to child tax credit.

(a) Elimination of marriage penalty.—Section 24(b)(2) of the Internal Revenue Code of 1986 is amended by striking “means—” and all that follows and inserting “means $75,000 (twice such amount in the case of a joint return).”.

(b) Inflation adjustment of credit amount and phaseout thresholds.—Section 24 of such Code is amended by adding at the end the following new subsection:

“(g) Inflation adjustment.—

“(1) IN GENERAL.—In the case of any taxable year beginning after 2014, the $1,000 amount in subsection (a) and the $75,000 amount in subsection (b)(2) shall each be increased by an amount equal to—

“(A) such dollar amount, multiplied by

“(B) 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 2013’ for ‘calendar year 1992’ in subparagraph (B) thereof.

“(2) ROUNDING.—Any increase determined under paragraph (1) shall be rounded—

“(A) in the case of the $1,000 amount in subsection (a), to the nearest multiple of $50, and

“(B) in the case of the $75,000 amount in subsection (b)(2), to the nearest multiple of $1,000.”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2014.


Union Calendar No. 393

113th CONGRESS
     2d Session
H. R. 4935
[Report No. 113–527]

A BILL
To amend the Internal Revenue Code of 1986 to make improvements to the child tax credit.

July 17, 2014
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
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