HR 1153 IH

To amend the Internal Revenue Code of 1986 to increase the child tax credit to $2,000 per child and make such credit refundable.

March 21, 2001

Mr. MALONEY of Connecticut introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to increase the child tax credit to $2,000 per child and make such credit refundable.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. CHILD TAX CREDIT INCREASED TO $2,000 PER CHILD AND MADE REFUNDABLE.

(a) CREDIT TO BE REFUNDABLE-

(1) IN GENERAL- Section 24 of the Internal Revenue Code of 1986 (relating to child tax credit) is hereby moved to subpart C of part IV of subchapter A of chapter 1 of such Code (relating to refundable credits) and inserted after section 34.

(2) TECHNICAL AMENDMENTS-

(A) Section 35 of such Code is redesignated as section 36.

(B) Section 24 of such Code (as moved by paragraph (1)) is redesignated as section 35.

(b) INCREASE IN CREDIT- Subsection (a) of section 35 of such Code, as redesignated by subsection (a), is amended by striking `$500' and all that follows and inserting `$2,000.'

(c) CREDIT APPLICABLE TO ALL TAXPAYERS- Section 35 of such Code, as so redesignated, is amended by striking subsection (b) (relating to limitation based on adjusted gross income).

(d) ADDITIONAL TECHNICAL AMENDMENTS-

(1) Section 35 of such Code (as so redesignated) is amended--

(A) in subsection (a), by striking `this chapter' and inserting `this subtitle',

(B) by striking subsection (d), and

(C) by redesignating subsections (c), (e) and (f) as subsections (b), (c), and (d), respectively.

(2) Section 32 of such Code is amended by striking subsection (n).

(3) Clause (ii) of section 151(c)(6)(B) of such Code is amended by striking `section 24' and inserting `section 35'.

(4) The last sentence of paragraph (26) of section 501(c) of such Code is amended by striking `section 24(c)' and inserting `section 35(c)'.

(5) Subparagraph (I) of section 6213(g)(2) of such Code is amended by striking `section 24(e)' and inserting `section 35(e)'.

(6) The table of sections for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 35 and inserting the following:

`Sec. 35. Child tax credit.

`Sec. 36. Overpayments of tax.'

(7) The table of sections for subpart A of such part IV is amended by striking the item relating to section 24.

(8) Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting before the period `or from section 35 of such Code'.

(e) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after December 31, 2001.

END