110th CONGRESS
1st Session
H. R. 431
To amend the Internal Revenue Code of 1986 to make residents of
Puerto Rico eligible for the refundable portion of the child tax credit.
IN THE HOUSE OF REPRESENTATIVES
January 11, 2007
Mr. TOWNS introduced the following bill; which was referred to the Committee
on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to make residents of
Puerto Rico eligible for the refundable portion of 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. REFUNDABLE CHILD TAX CREDIT ALLOWABLE TO RESIDENTS OF PUERTO
RICO WITH LESS THAN 3 CHILDREN.
(a) In General- Paragraph (1) of section 24(d) of the Internal Revenue Code
of 1986 (relating to portion of credit refundable) is amended by inserting
at the end the following new sentence: `For purposes of this paragraph,
taxable income shall be computed without regard to section 933.'.
(b) Effective Date- The amendment made by subsection (a) shall apply to
taxable years beginning after December 31, 2006.
(1) IN GENERAL- Any credit allowable by reason of the amendment made by
subsection (a) shall not exceed the applicable percentage of the amount
of credit which would otherwise be allowable under section 24(d)(1) of
the Internal Revenue Code of 1986 (without regard to this subsection).
(2) APPLICABLE PERCENTAGE- The applicable percentage shall be determined
as follows:
In the case of any taxable
The applicable
year beginning in--
percentage is--
2007
20
2008
40
2009
60
2010
80
2011 and thereafter
100.
END
