Child Tax Credit Equity for Puerto Rico Act of 2019

Bill: 116-s-698
Sponsor: full_name: Sen. Menendez, Robert [D-NJ]
Introduced: 2019-03-07
Policy area: Taxation
Subjects: Caribbean area

Income tax credits

Income tax exclusion

Puerto Rico

Tax treatment of families
Latest action: action_date: 2019-03-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-03-07
action_desc: Introduced in Senate
text: <p><b>Child Tax Credit Equity for Puerto Rico Act of 2019</b></p> <p>This bill modifies the rules for the refundable portion of the child tax credit to (1) allow residents of Puerto Rico to claim the refundable portion of the child tax credit on the same basis as U.S. taxpayers, and (2) allow residents of Puerto Rico with one or two children to claim the refundable portion of the credit on the same basis as residents with three or more children. </p>

tv_txt: II 116th CONGRESS 1st Session S. 698 IN THE SENATE OF THE UNITED STATES March 7, 2019 Mr. Menendez (for himself and Mr. Rubio ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to provide equitable treatment for residents of Puerto Rico with respect to the refundable portion of the child tax credit and to provide the same treatment to families in Puerto Rico with one child or two children that is currently provided to island families with three or more children.

1. Short title This Act may be cited as the Child Tax Credit Equity for Puerto Rico Act of 2019 . 2. Equitable treatment for residents of Puerto Rico with respect to the refundable portion of the child tax credit (a) In general The second sentence of section 24(d)(1) of the Internal Revenue Code of 1986 is amended by inserting or section 933 after section 112 . (b) Effective date The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2018. 3. Same treatment of families in Puerto Rico with one child or two children that is currently provided to island families with three or more children (a) In general Section 24(d)(1) of the Internal Revenue Code of 1986 is amended by adding at the end the following: In the case of an individual who is a bona fide resident of Puerto Rico during the entire taxable year, subparagraph (B)(ii) shall be applied by substituting 1 or more qualifying children for 3 or more qualifying children . . (b) Effective date The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2018.