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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 527 Introduced in House (IH)]

110th CONGRESS
  1st Session
                                H. R. 527

To help American families save, invest, and build a better future, and 
                          for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 17, 2007

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

_______________________________________________________________________

                                 A BILL

 
To help American families save, invest, and build a better future, and 
                          for other purposes.

    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 ``Better Future for American Families 
Act''.

SEC. 2. MODIFICATIONS TO SAVER'S CREDIT.

    (a) Saver's Credit.--Section 25B of the Internal Revenue Code of 
1986 is amended by striking the heading thereof and inserting ``saver's 
credit''.
    (b) Modifications to Applicable Percentage.--Subsection (b) of 
section 25B of the Internal Revenue Code of 1986 is amended to read as 
follows:
    ``(b) Applicable Percentage.--For purposes of this section--
            ``(1) In general.--The applicable percentage is 50 percent 
        reduced (but not below zero) by 1 percentage point for each 
        phaseout amount by which the taxpayer's adjusted gross income 
        for the taxable year exceeds the threshold amount.
            ``(2) Phaseout amount; threshold amount.--The phaseout 
        amount and the threshold amount shall be determined as follows:

 
 
   In the case of an individual     The phaseout amount    The threshold
             filing:                        is:             amount is:
------------------------------------------------------------------------
A joint return...................  $400.................         $30,000
A head of household return.......  $300.................         $22,500
Any other return.................  $200.................     $15,000.''.
------------------------------------------------------------------------

    (c) Credit Refundable.--
            (1) In general.--Section 25B of the Internal Revenue Code 
        of 1986, as amended by subsections (a) and (b), 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 35.
            (2) Conforming amendments.--
                    (A) Section 24(b)(3)(B) of such Code is amended by 
                striking ``sections 23 and 25B'' and inserting 
                ``section 23''.
                    (B) Section 25(e)(1)(C) of such Code is amended by 
                striking ``25B,''.
                    (C) Section 25D(c)(2) of such Code is amended by 
                striking ``24, and 25B'' and inserting ``and 24''.
                    (D) Section 26(a)(1) of such Code is amended by 
                striking ``sections 23, 24, and 25B'' and inserting 
                ``sections 23 and 24''.
                    (E) Section 25B of such Code, as moved by paragraph 
                (1), is redesignated as section 36.
                    (F) Section 904(i) of such Code is amended by 
                striking ``sections 23, 24, and 25B'' and inserting 
                ``sections 23 and 24''.
                    (G) Section 1400C of such Code is amended by 
                striking ``25B,''.
                    (H) 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 36 and inserting 
                the following:

``Sec. 36. Saver's Credit.
``Sec. 37. Overpayments of tax.''.
                    (I) The table of sections for subpart A of part IV 
                of such Code is amended by striking the item relating 
                to section 25B.
                    (J) Section 1324(b)(2) of title 31, United States 
                Code, is amended by inserting ``, or enacted by the 
                Better Future for American Families Act'' before the 
                period at the end.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.
                                 <all>
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