1、1 A refundable tax credit means that you receive the tax credit even if you do not have an incometax liability. For example, a taxpayer with $12,000 of earned income, a zero income tax liability,and one qualifying child would receive a refundable child tax credit of $105 (15% of $12,000minus $11,300
2、). Order Code RS21860Updated July 31, 2007The Child Tax CreditGregg A. EsenweinSpecialist in Public FinanceGovernment and Finance DivisionMaxim ShvedovAnalyst in Public Sector EconomicsGovernment and Finance DivisionSummaryThe child tax credit was enacted in 1997, as Congress addressed concerns that
3、 theincome tax structure did not adequately reflect a familys 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 credi
4、t is scheduled to decline from $1,000 in 2010to $500 in 2011.Multiple bills affecting the child tax credit have been introduced in the 110thCongress. This report will be updated as legislative action warrants. Current LawFor tax year 2006, families, below certain income levels, with qualifying child
升级VIP 