[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 527 Introduced in House (IH)]
110th CONGRESS
1st Session
H. R. 527
To help American families save, invest, and build a better future, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 17, 2007
Mr. Larson of Connecticut introduced the following bill; which was
referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To help American families save, invest, and build a better future, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Better Future for American Families
Act''.
SEC. 2. MODIFICATIONS TO SAVER'S CREDIT.
(a) Saver's Credit.--Section 25B of the Internal Revenue Code of
1986 is amended by striking the heading thereof and inserting ``saver's
credit''.
(b) Modifications to Applicable Percentage.--Subsection (b) of
section 25B of the Internal Revenue Code of 1986 is amended to read as
follows:
``(b) Applicable Percentage.--For purposes of this section--
``(1) In general.--The applicable percentage is 50 percent
reduced (but not below zero) by 1 percentage point for each
phaseout amount by which the taxpayer's adjusted gross income
for the taxable year exceeds the threshold amount.
``(2) Phaseout amount; threshold amount.--The phaseout
amount and the threshold amount shall be determined as follows:
In the case of an individual The phaseout amount The threshold
filing: is: amount is:
------------------------------------------------------------------------
A joint return................... $400................. $30,000
A head of household return....... $300................. $22,500
Any other return................. $200................. $15,000.''.
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(c) Credit Refundable.--
(1) In general.--Section 25B of the Internal Revenue Code
of 1986, as amended by subsections (a) and (b), is hereby moved
to subpart C of part IV of subchapter A of chapter 1 of such
Code (relating to refundable credits) and inserted after
section 35.
(2) Conforming amendments.--
(A) Section 24(b)(3)(B) of such Code is amended by
striking ``sections 23 and 25B'' and inserting
``section 23''.
(B) Section 25(e)(1)(C) of such Code is amended by
striking ``25B,''.
(C) Section 25D(c)(2) of such Code is amended by
striking ``24, and 25B'' and inserting ``and 24''.
(D) Section 26(a)(1) of such Code is amended by
striking ``sections 23, 24, and 25B'' and inserting
``sections 23 and 24''.
(E) Section 25B of such Code, as moved by paragraph
(1), is redesignated as section 36.
(F) Section 904(i) of such Code is amended by
striking ``sections 23, 24, and 25B'' and inserting
``sections 23 and 24''.
(G) Section 1400C of such Code is amended by
striking ``25B,''.
(H) The table of sections for subpart C of part IV
of subchapter A of chapter 1 of such Code is amended by
striking the item relating to section 36 and inserting
the following:
``Sec. 36. Saver's Credit.
``Sec. 37. Overpayments of tax.''.
(I) The table of sections for subpart A of part IV
of such Code is amended by striking the item relating
to section 25B.
(J) Section 1324(b)(2) of title 31, United States
Code, is amended by inserting ``, or enacted by the
Better Future for American Families Act'' before the
period at the end.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2006.
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