,,ii #aad? ,,congress #b;d ,session ,s4 #cdea ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,septemb] #bh1 #bjaf,mr4 ,br[n introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide a refundable & advanceable tax cr$it = individuals ) "y *ildr54 #a4 ,%ort title2 f9d+s 7a7 ,%ort title ,?is ,act may be cit$ z ! ,"y ,*ild ,tax ,cr$it ,act4 7b7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,economi/s h f\nd simil> effects ( ! importance ( income 9 ! e>lie/ ye>s ) returns to s*ool a*ievem5t4 7#b7 ,p$iatricians & o!r *ild developm5t exp]ts h long talk$ ab\t ! critical importance ( ! e>lie/ ye>s ( life4 7#c7 ,"y *ildr51 includ+ babies & toddl]s1 are ! poore/ p 9 ! c\ntry by age4 7#d7 ,) ! rec5t improvem5ts sign$ into law 9 ,decemb]1 toge!r1 ! ,*ild ,tax ,cr$it & ,e>n$ ,income ,tax ,cr$it n[ lift m *ildr5 out ( pov]ty ?an any o!r ,f$]al policies4 7#e7 ,families ) "y *ildr5 receive ! smalle/ *ild tax cr$its1 despite ! fact t ! economic lit]ature sugge/s t ^! cr$its h p>ticul>ly b5eficial effects = families ) "y *ildr54 7#f7 ,economi/s h f\nd t l>ge fluctuations 9 a family's income c be detrim5tal to ! developm5t ( "y *ildr54 ,rese>* on sc>city h f\nd x is h>d = p>5ts to focus on *ildr5 if !y are worry+ ab\t hav+ suffici5t income to meet _! family's ne$s4 #b4 ,"y *ild tax cr$it 7a7 ,9 g5]al ,subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #cf;,b ! foll[+ new section3 #cf;,c4 ,"y *ild tax cr$it 7a7 ,9 g5]al ,9 ! case ( an individual1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is subtitle = ! taxable ye> an am\nt equal to ! product (-- 7#a7 ! applicable doll> am\nt1 multipli$ by 7#b7 ! numb] ( qualify+ *ildr5 ( ! taxpay] = :i* ! taxpay] is all[$ a d$uction "u section #aea & :o 7z ( ! close ( su* taxable ye>7 h n atta9$ age #c4 7b7 ,applicable doll> am\nt ,= purposes ( ?is section1 ! t]m applicable doll> am\nt means ) respect to any taxable ye>1 ! product (-- 7#a7 #a4e1 multipli$ by 7#b7 ! doll> am\nt 9 effect "u section #bd7;a7 = ! taxable ye>4 7c7 ,limitation bas$ on adju/$ gross income 7#a7 ,9 g5]al ,! am\nt ( ! cr$it all[able "u subsection 7a7 %all be r$uc$ 7b n bel[ z]o7 by ! phase\t am\nt = ea* #a1jjj 7or fraction !re(7 by :i* ! taxpay]'s modifi$ adju/$ gross income 7z def9$ 9 section #bd7;b77#a77 exce$s ! ?re%old am\nt 7z def9$ 9 section #bd7;b77#b774 7#b7 ,phase\t am\nt ,= purposes ( ?is subsection1 ! t]m phase\t am\nt means #a4e multipli$ by ! fir/ doll> am\nt 9 section #bd7;b77#a74 7d7 ,qualify+ *ild ,= purposes ( ?is section1 ! t]m qualify+ *ild has ! mean+ giv5 su* t]m by section #bd7;c74 7e7 ,id5tification requirem5t ,no cr$it %all be all[$ "u ?is section to a taxpay] ) respect to any qualify+ *ild unless ! taxpay] includes ! "n & taxpay] id5tification numb] ( su* qualify+ *ild on ! return ( tax = ! taxable ye>4 7f7 ,reconciliation ( cr$it & advance cr$it 7#a7 ,9 g5]al ,! am\nt ( ! cr$it all[$ "u ?is section = any taxable ye> %all be r$uc$ 7b n bel[ z]o7 by ! aggregate am\nt ( any advance paym5ts ( su* cr$it "u section #gebg;,a = su* taxable ye>4 7#b7 ,excess advance paym5ts ,if ! aggregate am\nt ( advance paym5ts "u section #gebg;,a = ! taxable ye> exce$ ! am\nt ( ! cr$it all[$ "u ?is section = su* taxable ye> 7det]m9$ )\t reg>d to p>agraph 7#a771 ! tax impos$ by ?is *apt] = su* taxable ye> %all be increas$ by ! am\nt ( su* excess4 4 7b7 ,advance paym5t ( cr$it ,*apt] #gg ( su* ,code is am5d$ by ins]t+ aft] section #gebg ! foll[+ new section3 #gebg;,a4 ,advance paym5t ( "y *ild tax cr$it 7a7 ,9 g5]al ,z soon z practicable & n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y %all e/abli% a program = mak+ advance paym5ts ( ! cr$it all[$ "u section #cf;,c on a mon?ly basis1 or z frequ5tly z ! ,secret>y det]m9es to be adm9i/ratively feasible1 to taxpay]s all[$ su* cr$it 7det]m9$ )\t reg>d to section #cf;,c7f77#a774 7b7 ,limitation ,! ,secret>y may make paym5ts "u subsection 7a7 only to ! ext5t t ! total am\nt ( su* paym5ts made to any taxpay] dur+ ! taxable ye> does n exce$ ! am\nt det]m9$ "u subsection 7a7 ( section #cf;,c ) respect to su* taxpay] 7det]m9$ )\t reg>d to subsections 7c7 & 7f7 ( su* section74 ,su* program %all make reasonable ef=ts to apply ! limitation ( section #cf;,c7c7 ) respect to paym5ts made "u su* program4 4 7c7 ,con=m+ am5dm5ts 7#a7 ,section #aeb7;f77#f77;,b7 ( su* ,code is am5d$ by /rik+ & at ! end ( clause 7iii71 by /rik+ ! p]iod at ! end ( clause 7iv7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7v7 ! cr$it "u section #cf;,c 7relat+ to "y *ild tax cr$it74 4 7#b7 ,section #fbaa7;b77#d77;,a7 ( su* ,code is am5d$ by ins]t+ #cf;,c1 aft] #cf;,b14 7#c7 ,section #fbac7;g77#b7 ( su* ,code is am5d$ by /rik+ & at ! end ( subp>agraph 7,p71 by /rik+ ! p]iod at ! end ( subp>agraph 7,q7 & ins]t+ 1 &1 & by ins]t+ aft] subp>agraph 7,q7 ! foll[+ new subp>agraph3 7,r7 an omission ( a correct ,,t9 requir$ "u section #cf;,c7e7 7relat+ to "y *ild tax cr$it7 to be includ$ on a return4 4 7#d7 ,section #fdjb7m7 ( su* ,code is am5d$ by /rik+ or #cb & ins]t+ 1 #cb or #cf;,c4 7#e7 ,section #ffie7;g7 ( su* ,code is am5d$ by /rik+ or #cb & ins]t+ #cb1 or #cf;,c4 7#f7 ,section #acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ #cf;,c1 aft] #cf;,b14 7#g7 ,! table ( sections = subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #cf;,b ! foll[+ new item3 ,sec4 #cf;,c4 ,"y *ild tax cr$it4 4 7#h7 ,! table ( sections = *apt] #gg ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #gebg ! foll[+ new item3 ,sec4 #gebg;,a4 ,advance paym5t ( "y *ild tax cr$it4 4 7d7 ,effective date 7#a7 ,9 g5]al ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjaf4 7#b7 ,advance paym5t program ,! ,secret>y ( ! ,treasury1 or 8 designee1 %all e/abli% ! program describ$ 9 section #gebg;,a ( ! ,int]nal ,rev5ue ,code ( #aihf 7z add$ by ?is section7 n lat] ?an su* date4