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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5150 Introduced in House (IH)]

110th CONGRESS
  2d Session
                                H. R. 5150

 To amend the Internal Revenue Code of 1986 to increase the child tax 
credit for taxable years beginning in 2008 and provide for the advance 
                            payment thereof.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 28, 2008

 Mr. Yarmuth 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 increase the child tax 
credit for taxable years beginning in 2008 and provide for the advance 
                            payment thereof.

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

SECTION 1. INCREASE IN AND ACCELERATION OF CHILD TAX CREDIT FOR TAXABLE 
              YEAR 2008.

    (a) In General.--Subsection (a) of Section 24 of the Internal 
Revenue Code of 1986 (relating to the child tax credit) is amended by 
inserting ``($1,300 for taxable years beginning in 2008)'' before the 
period at the end.
    (b) Advance Payment of Portion of Increased Credit in 2008.--
            (1) In general.--Section 6429 of such Code (relating to 
        advance payment of portion of increased child credit for 2003) 
        is amended to read as follows:

``SEC. 6429. ADVANCE PAYMENT OF PORTION OF INCREASED CHILD CREDIT FOR 
              2008.

    ``(a) In General.--Each taxpayer who was allowed a credit under 
section 24 on the return for the taxpayer's first taxable year 
beginning in 2007 shall be treated as having made a payment against the 
tax imposed by chapter 1 for such taxable year in an amount equal to 
the child tax credit refund amount (if any) for such taxable year.
    ``(b) Child Tax Credit Refund Amount.--For purposes of this 
section, the child tax credit refund amount is the amount by which the 
aggregate credits allowed under part IV of subchapter A of chapter 1 
for such first taxable year would have been increased if--
            ``(1) the per child amount under section 24(a) for such 
        year were $1,300,
            ``(2) only qualifying children (as defined in section 
        24(c)) of the taxpayer for such year who had not attained age 
        17 as of December 31, 2008, were taken into account, and
            ``(3) section 24(d)(1)(B)(ii) did not apply.
    ``(c) Timing of Payments.--In the case of any overpayment 
attributable to this section, the Secretary shall, subject to the 
provisions of this title, refund or credit such overpayment as rapidly 
as possible and, to the extent practicable, before October 1, 2008. No 
refund or credit shall be made or allowed under this section after 
December 31, 2008.
    ``(d) Coordination With Child Tax Credit.--
            ``(1) In general.--The amount of credit which would (but 
        for this subsection and section 26) be allowed under section 24 
        for the taxpayer's first taxable year beginning in 2008 shall 
        be reduced (but not below zero) by the payments made to the 
        taxpayer under this section. Any failure to so reduce the 
        credit shall be treated as arising out of a mathematical or 
        clerical error and assessed according to section 6213(b)(1).
            ``(2) Joint returns.--In the case of a payment under this 
        section with respect to a joint return, half of such payment 
        shall be treated as having been made to each individual filing 
        such return.
    ``(e) No Interest.--No interest shall be allowed on any overpayment 
attributable to this section.''.
            (2) Clerical amendment.--The table of sections for 
        subchapter B of chapter 65 of such Code is amended by adding at 
        the end the following new item:

``Sec. 6429. Advance payment of portion of increased child credit for 
                            2008.''.
    (c) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to taxable years 
        beginning after December 31, 2007.
            (2) Subsection (b).--The amendments made by subsection (b) 
        shall take effect on the date of the enactment of this Act.
                                 <all>
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