Child tax credit - wikipedia Child tax credit Taxation An aspect of fiscal policy Policies Government revenue Tax revenue Non-tax revenue Tax law Tax bracket Tax threshold Exemption Credit Deduction Tax shift Tax cut Tax holiday Tax advantage Tax incentive Tax reform Tax harmonization Tax competition Double taxation Representation Unions Medical savings account Tax, tariff and trade Economics Price effect Excess burden Tax incidence Laffer curve Optimal tax Theory Optimal capital income taxation Collection Revenue service Revenue stamp Tax assessment Taxable income Tax lien Tax refund Tax shield Tax residence Tax preparation Tax investigation Tax shelter Private tax collection Tax farming Noncompliance Tax avoidance Tax evasion Tax resistance Tax haven Smuggling Black market Transfer mispricing Unreported employment Tax shelter Distribution Tax rate Progressive Regressive Proportional Types Direct Indirect Per unit Ad valorem In rem Capital gains Carbon Consumption Dividend Ecotax Excise Fuel Georgist Gift Gross receipts Income Inheritance ( estate ) Land value Payroll Pigovian Property Sales Sin Single Stamp Steering Turnover Value - added ( VAT ) Corporate profit Excess profits Windfall profits Negative ( income ) Flat Wealth International Financial transaction tax Currency transaction tax Tobin tax Spahn tax Tax equalization Tax treaty Permanent establishment Transfer pricing European Union FTT Foreign revenue rule Trade Custom Duty Tariff Import Export Tariff war Free trade Free trade zone Trade agreement Religious Church tax Eight per thousand Teind Tithe Fiscus Judaicus Leibzoll Temple tax Tolerance tax Jizya Kharaj Khums Nisab Zakat By country List of countries by tax rates Tax revenues as % GDP Albania Algeria Argentina Australia Azerbaijan Bangladesh Bhutan Bulgaria BVI Canada China Colombia Denmark France Germany Greece Iceland India Indonesia Iran Ireland Israel Italy Japan Kazakhstan Lithuania Malta Namibia Netherlands New Zealand Norway Pakistan Palestine Peru Philippines Poland Russia Singapore South Africa Sweden Switzerland Taiwan Tanzania United Kingdom United States Uruguay A child tax credit is a tax credit available in some countries, which depends on the number of dependent children in a family. The credit may depend on other factors as well, such as income level. For example, in the United States only families making less than $110,000 per year may claim the full credit. Similarly, in the United Kingdom the tax credit is only available for families making less than £ 42,000 per year. Contents 1 Germany 2 United Kingdom 3 United States 4 See also 5 Notes 6 References Germany Germany has a programme called the `` Kinderfreibetrag '' ( de ) which functions as a tax credit. The child allowance is an allowance in German tax law, which a certain amount of money is tax - free in the taxation of parents. In the income tax fee paid, child benefit and tax savings through the child tax credit are compared against each other, and the parents pay whichever results in the lesser amount of tax. United Kingdom Further information : Tax credit § United Kingdom In the United Kingdom, a family with children and an income below about £ 32,200 can claim child tax credit on top of child benefit. The tax credit is `` non-wastable '' -- it is paid whether or not the family has a net tax liability -- and is paid in or out of work. Higher rates are paid for disabled children. It is integrated with the working tax credit, which also provides support for childcare costs. All taxable income is tested for the credit, so a couple who both work and have children, will have both salaries taken into account. Tax Credits may be capped which it is claimed could affect the poorest families disproportionately. On Monday 26th October 2015 the House of Lords voted for Labour proposals for financial redress to those affected by reduced entitlements. United States There are several different credits that a taxpayer can claim in the United States. One of the most common is the Child Tax Credit, provided by 26 U.S.C. Sec. 24. After $110,000 it phases out at the rate of $50 for each additional $1,000 ( or portion of $1,000 ) earned above $110,000. For a relatively small number of families, the child tax credit will exceed their tax liability. In many such cases, the unused portion of the child tax credit is refundable as the `` additional child tax credit. '' The amount that is available as a refund depends on the amount of earned income, and in certain circumstances the amount of social security and medicare taxes paid. Refer to IRS form 8812 and instructions. The child tax credit is available to taxpayers who have a `` qualifying child ''. The full credit is only available if the family makes less than $110 K per year. A person is a `` qualifying child '' if he or she has not attained the age of 17 by the end of the taxable year and meets the requirements of 26 U.S.C. Sec. 152 ( c ). In general, a qualifying child is any individual for whom the taxpayer can claim a dependency exemption and who is the taxpayer 's son or daughter ( or descendent of either ), stepson or stepdaughter ( or descendent of either ), or eligible foster child. The per - child amount was originally capped at $400 in 1998 ( and $500 in 1999 ) by the Taxpayer Relief Act of 1997. The Economic Growth and Tax Relief Reconciliation Act of 2001 ( EGTRRA ) set a graduated increase of the cap from $600 beginning in 2001 to $1,000 in 2010, but then reverting to $500. The Jobs and Growth Tax Relief Reconciliation Act of 2003 ( JGTRRA ) increased the amount to $1,000 for 2003 and 2004. The Working Families Tax Relief Act of 2004 extended this amount through 2010. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended this $1,000 cap through the end of 2012. The American Taxpayer Relief Act of 2012 made the $1,000 cap permanent. A taxpayer 's total tax credit is refundable to the extent of the greater of 15 % of the taxpayer 's earned income over $3,000 ( new for 2009 ) ( an amount adjusted for inflation IAW 26 U.S.C. Sec. 24 ( d ) ( 3 ) ) or, as long as the taxpayer has three or more qualifying children, the excess of social security taxes paid over earned income credit, all subject to the income threshold. Unless a married couple files jointly, a qualifying child will be treated as such for the purpose of the Child Tax Credit for the taxpayer who is the child 's parent, or if not a parent, the taxpayer with the highest adjusted gross income for the taxable year in accordance with 26 U.S.C. Sec. 152 ( c ) ( 4 ) ( A ). If more than one parent claims the child and do not file a joint return, the child will be treated as a qualifying child of the parent with whom the child resided for the longest period during the taxable year, and if the child resided with each parent equally, with the parent who has the highest adjusted gross income in accordance with 26 U.S.C. Sec. 152 ( c ) ( 4 ) ( B ). The tax credit is believed to have lifted about 3 million children out of poverty in 2016. In 2017 the Trump administration, led by Ivanka Trump, was seeking to expand the tax credit for the first time since 2001. See also Taxation in the United Kingdom UK labour law Taxation in the United States Notes Jump up ^ `` Tax credits : No return to ' uncontrolled ' spending says Osborne ''. BBC News. 2015 - 10 - 27. Retrieved 2016 - 09 - 03. Jump up ^ `` Child Tax Credit '' ( PDF ). irs.gov. Internal Revenue Service. 2015 - 01 - 01. Retrieved 2016 - 09 - 02. ^ Jump up to : `` NYSSCPA The New York State Society of CPAs ''. www.nysscpa.org. Archived from the original on 2013 - 05 - 06. Retrieved 2016 - 09 - 03. Jump up ^ `` TAX RELIEF, UNEMPLOYMENT INSURANCE REAUTHORIZATION, AND JOB CREATION ACT OF 2010 ''. gpo.gov. Retrieved 2016 - 09 - 02. Jump up ^ Nunns, James R. ; Rohaly, Jeffrey ( 2013 - 01 - 08 ). `` Tax Provisions in the American Taxpayer Relief Act of 2012 ( ATRA ) ''. Tax Policy Center. Retrieved 2016 - 09 - 03. ^ Jump up to : M.S.R. ( 16 October 2017 ). `` Why Ivanka Trump wants to extend the child tax credit ''. The Economist. References Samuel A. Donaldson, Federal Income Taxation of Individuals : Cases, Problems and Materials, 2nd Edition ( St. Paul : Thomson / West, 2007 ) IRS Publication 972 ( 2007 ), Child Tax Credit State benefits in the United Kingdom Current Income assistance Working age Working Tax Credit Jobseeker 's Allowance ( JSA ) Income Support Carer 's Allowance Employment and Support Allowance Flexible Support Fund ( FSF ) Old age State Pension Pension Credit Disability relief Disability Living Allowance Personal Independence Payment Attendance Allowance Child support Child Benefit Child Maintenance Child Tax Credit Combination Universal Credit Other Bereavement Benefit Housing Benefit Ambiguous Education Maintenance Allowance ( abolished in England only ) Former Council Tax Benefit Incapacity Benefit National Assistance Severe Disablement Allowance Supplementary Benefit Invalidity Benefit Sickness Benefit Retrieved from `` https://en.wikipedia.org/w/index.php?title=Child_tax_credit&oldid=815439117 '' Categories : Tax credits Taxation in the United States Taxation in the United Kingdom Tax terms Hidden categories : Interlanguage link template link number Talk Contents About Wikipedia Deutsch Edit links This page was last edited on 14 December 2017, at 20 : 59. 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Question: when was the additional child tax credit introduced
Answer: Taxpayer Relief Act of 1997