Sec. 11022. Increase in and modification of child tax credit

419 words·~2 min read·/bill/115/hr/1/eas/section-11022

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Section 24 is amended by adding at the end the following new subsection: In the case of a taxable year beginning after December 31, 2017, and before January 1, 2026, this section shall be applied as provided in paragraphs (2), (3), (5), (6), (7), and (8). In the case of taxable year beginning after December 31, 2017 and before January 1, 2025, this section shall be applied as provided in paragraph (4). Subsection

(a)shall be applied by substituting $2,000 for $1,000 . In lieu of the amount determined under subsection (b)(2), the threshold amount shall be $500,000. Paragraph

(1)of subsection

(c)shall be applied by substituting 18 for 17 . The credit determined under subsection

(a)(after the application of paragraph (2)) shall be increased by $500 for each dependent of the taxpayer (as defined in section 152) other than a qualifying child described in subsection

(c)(after the application of paragraph (4)). Subparagraph

(A)shall not apply with respect to any individual who would not be a dependent if subparagraph

(A)of section 152(b)(3) were applied without regard to all that follows resident of the United States . Subsection (d)(1)(A) shall be applied without regard to paragraphs

(2)and

(5)of this subsection. In the case of a taxable year beginning after 2017, subsection (d)(1)(A) shall be applied as if the $1,000 amount in subsection

(a)were increased (but not to exceed the amount under paragraph

(2)of this subsection) 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. Any increase determined under the preceding sentence shall be rounded to the next highest multiple of $100. Subsection (d)(1)(B)(i) shall be applied by substituting $2,500 for $3,000 . No credit shall be allowed under subsection

(d)to a taxpayer with respect to any qualifying child unless the taxpayer includes the social security number of such child on the return of tax for the taxable year. For purposes of the preceding sentence, the term social security number means a social security number issued to an individual by the Social Security Administration, but only if the social security number is issued to a citizen of the United States or is issued pursuant to subclause

(I)(or that portion of subclause

(III)that relates to subclause (I)) of section 205(c)(2)(B)(i) of the Social Security Act. . The amendment made by this section shall apply to taxable years beginning after December 31, 2017.