[Congressional Bills 110th Congress] [From the U.S. Government Publishing Office] [H.R. 431 Introduced in House (IH)] 110th CONGRESS 1st Session H. R. 431 To amend the Internal Revenue Code of 1986 to make residents of Puerto Rico eligible for the refundable portion of the child tax credit. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 11, 2007 Mr. Towns 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 residents of Puerto Rico eligible for the refundable portion of the child tax credit. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. REFUNDABLE CHILD TAX CREDIT ALLOWABLE TO RESIDENTS OF PUERTO RICO WITH LESS THAN 3 CHILDREN. (a) In General.--Paragraph (1) of section 24(d) of the Internal Revenue Code of 1986 (relating to portion of credit refundable) is amended by inserting at the end the following new sentence: ``For purposes of this paragraph, taxable income shall be computed without regard to section 933.''. (b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2006. (c) Applicability.-- (1) In general.--Any credit allowable by reason of the amendment made by subsection (a) shall not exceed the applicable percentage of the amount of credit which would otherwise be allowable under section 24(d)(1) of the Internal Revenue Code of 1986 (without regard to this subsection). (2) Applicable percentage.--The applicable percentage shall be determined as follows: In the case of any taxable The applicable year beginning in-- percentage is-- 2007.......................................... 20 2008.......................................... 40 2009.......................................... 60 2010.......................................... 80 2011 and thereafter........................... 100. <all>