H.R. 4935 — Introduced in House

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.