Text: S.698 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in Senate (03/07/2019)


116th CONGRESS
1st Session
S. 698


To amend the Internal Revenue Code of 1986 to provide equitable treatment for residents of Puerto Rico with respect to the refundable portion of the child tax credit and to provide the same treatment to families in Puerto Rico with one child or two children that is currently provided to island families with three or more children.


IN THE SENATE OF THE UNITED STATES

March 7, 2019

Mr. Menendez (for himself and Mr. Rubio) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to provide equitable treatment for residents of Puerto Rico with respect to the refundable portion of the child tax credit and to provide the same treatment to families in Puerto Rico with one child or two children that is currently provided to island families with three or more children.

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 Equity for Puerto Rico Act of 2019”.

SEC. 2. Equitable treatment for residents of Puerto Rico with respect to the refundable portion of the child tax credit.

(a) In general.—The second sentence of section 24(d)(1) of the Internal Revenue Code of 1986 is amended by inserting “or section 933” after “section 112”.

(b) Effective date.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2018.

SEC. 3. Same treatment of families in Puerto Rico with one child or two children that is currently provided to island families with three or more children.

(a) In general.—Section 24(d)(1) of the Internal Revenue Code of 1986 is amended by adding at the end the following: “In the case of an individual who is a bona fide resident of Puerto Rico during the entire taxable year, subparagraph (B)(ii) shall be applied by substituting ‘1 or more qualifying children’ for ‘3 or more qualifying children’.”.

(b) Effective date.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2018.