The Child Tax Credit (CRS Report for Congress)
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| Release Date |
Revised Oct. 2, 2008 |
| Report Number |
RS21860 |
| Report Type |
Report |
| Authors |
Maxim Shvedov, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The child tax credit was enacted in 1997, as Congress addressed concerns that theincome tax structure did not adequately reflect a family's reduced ability to pay taxesas family size increased. Subsequent changes in 2001, 2003, and 2004 increased thechild tax credit and made it refundable for most families. These recent changes willsunset (expire) in 2011. The child tax credit is scheduled to decline from $1,000 in 2010to $500 in 2011.Section 501 of the Emergency Economic Stabilization Act of 2008 (H.R. 1424),passed by the Senate on October 1, 2008, and similar provisions of H.R. 6049 wouldincrease the refundable amounts of the credit for low income families. The proposal iseffective for tax years beginning after December 31, 2007, and is valid for one year. Theestimated cost of the proposal is $3.1 billion over 10 years.Many other bills affecting the child tax credit have been introduced in the 110thCongress.
