Child Tax Credit Improvement Act of 2014

Bill: 113-hr-4935
Sponsor: full_name: Rep. Jenkins, Lynn [R-KS-2]
Introduced: 2014-06-23
Policy area: Taxation
Subjects: Income tax credits

Inflation and prices

Marriage and family status

Tax treatment of families
Latest action: action_date: 2014-07-25
text: Pursuant to the provisions of H. Res. 680, H.R. 4935 is laid on the table.

Summaries:
action_date: 2014-06-23
action_desc: Introduced in House
text: <p>Child Tax Credit Improvement Act of 2014 - Amends the Internal Revenue Code, with respect to the child tax credit, to: (1) increase&nbsp;from $110,00 to&nbsp;$150,000&nbsp;the threshold amount applicable to married couples fiing joint tax returns ($75,000 for individual taxpayers and married taxpayers filing separately) above which such tax credit is reduced, and (2) allow an inflation adjustment to the threshold amounts and the $1,000 credit amount beginning in calendar years after 2014.</p>

action_date: 2014-07-17
action_desc: Reported to House with amendment(s)
text: <p>Child Tax Credit Improvement Act of 2014 - Amends the Internal Revenue Code, with respect to the child tax credit, to: (1) increase&nbsp;from $110,00 to&nbsp;$150,000&nbsp;($75,000 for individual taxpayers and married taxpayers filing separately) the threshold amount applicable to married couples fiing joint tax returns above which such tax credit is reduced, and (2) allow an inflation adjustment to the threshold amounts and the $1,000 credit amount beginning after 2014.</p>

action_date: 2014-07-25
action_desc: Passed House amended
text: <p>Child Tax Credit Improvement Act of 2014 - Amends the Internal Revenue Code, with respect to the child tax credit, to: (1) increase from $110,00 to $150,000 ($75,000 for individual taxpayers and married taxpayers filing separately) the threshold amount applicable to married couples filing joint tax returns above which such tax credit is reduced, and (2) allow an inflation adjustment to the threshold amounts and the $1,000 credit amount beginning after 2014.</p> <p>Requires taxpayers to include their social security numbers on their tax returns to claim the refundable portion of the child tax credit. </p> <p>Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4935 IN THE HOUSE OF REPRESENTATIVES June 23, 2014 Ms. Jenkins (for herself, Mr. Kelly of Pennsylvania , and Mr. Nunes ) 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 improvements to the child tax credit.

1. Short title This Act may be cited as the Child Tax Credit Improvement Act of 2014 . 2. Improvements to child tax credit (a) Elimination of marriage penalty Section 24(b)(2) of the Internal Revenue Code of 1986 is amended by striking means— and all that follows and inserting means $75,000 (twice such amount in the case of a joint return). . (b) Inflation adjustment of credit amount and phaseout thresholds Section 24 of such Code is amended by adding at the end the following new subsection: (g) Inflation adjustment (1) In general In the case of any taxable year beginning in a calendar year after 2014, the $1,000 amount in subsection (a) and the $75,000 amount in subsection (b)(2) shall each be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2013 for calendar year 1992 in subparagraph (B) thereof. (2) Rounding Any increase determined under paragraph (1) shall be rounded— (A) in the case of the $1,000 amount in subsection (a), to the nearest multiple of $50, and (B) in the case of the $75,000 amount in subsection (b)(2), to the nearest multiple of $1,000. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.

tv_txt: IB Union Calendar No. 393 113th CONGRESS 2d Session H. R. 4935 [Report No. 113–527] IN THE HOUSE OF REPRESENTATIVES June 23, 2014 Ms. Jenkins (for herself, Mr. Kelly of Pennsylvania , and Mr. Nunes ) introduced the following bill; which was referred to the Committee on Ways and Means July 17, 2014 Additional sponsor: Mr. Reed July 17, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic A BILL To amend the Internal Revenue Code of 1986 to make improvements to the child tax credit.

1. Short title This Act may be cited as the Child Tax Credit Improvement Act of 2014 . 2. Improvements to child tax credit (a) Elimination of marriage penalty Section 24(b)(2) of the Internal Revenue Code of 1986 is amended by striking means— and all that follows and inserting means $75,000 (twice such amount in the case of a joint return). . (b) Inflation adjustment of credit amount and phaseout thresholds Section 24 of such Code is amended by adding at the end the following new subsection: (g) Inflation adjustment (1) In general In the case of any taxable year beginning in a calendar year after 2014, the $1,000 amount in subsection (a) and the $75,000 amount in subsection (b)(2) shall each be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2013 for calendar year 1992 in subparagraph (B) thereof. (2) Rounding Any increase determined under paragraph (1) shall be rounded— (A) in the case of the $1,000 amount in subsection (a), to the nearest multiple of $50, and (B) in the case of the $75,000 amount in subsection (b)(2), to the nearest multiple of $1,000. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.

1. Short title This Act may be cited as the Child Tax Credit Improvement Act of 2014 . 2. Improvements to child tax credit (a) Elimination of marriage penalty Section 24(b)(2) of the Internal Revenue Code of 1986 is amended by striking means— and all that follows and inserting means $75,000 (twice such amount in the case of a joint return). . (b) Inflation adjustment of credit amount and phaseout thresholds Section 24 of such Code is amended by adding at the end the following new subsection: (g) Inflation adjustment (1) In general In the case of any taxable year beginning after 2014, the $1,000 amount in subsection (a) and the $75,000 amount in subsection (b)(2) shall each be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2013 for calendar year 1992 in subparagraph (B) thereof. (2) Rounding Any increase determined under paragraph (1) shall be rounded— (A) in the case of the $1,000 amount in subsection (a), to the nearest multiple of $50, and (B) in the case of the $75,000 amount in subsection (b)(2), to the nearest multiple of $1,000. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.

July 17, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed