Sec. 104. Permanent extension and modifications to child tax credit
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Clause
(i)of section 24(d)(1)(B) of the Internal Revenue Code of 1986 is amended by striking $10,000 and inserting $3,000 . Subsection
(d)of section 24 of such Code is amended by striking paragraph (4). Subsection
(d)of section 24 of such Code is further amended by striking paragraph (3). Section 24 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of any taxable year beginning in a calendar year after 2014, the dollar amounts in subsections
(a)and (b)(2) shall each be increased by an amount equal to— such dollar amount, multiplied by 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. If a dollar amount in subsection
(a)or (b)(2), as increased under paragraph (1), is not a multiple of $50, such amount shall be rounded to the nearest multiple of $50. . The amendments made by this section shall apply to taxable years beginning after December 31, 2014.