House Passes Child Tax Credit Extension

The House on May 20, 2004, approved the Child Credit Preservation and Expansion Bill of 2004 (HR 4359) by a vote of 271 to 139. The bill would permanently prevent the child tax credit from falling below the $1,000 per child level and would also significantly increase the income levels at which the child tax credit starts to phase out. The bill’s projected $228 billion cost over the next ten years is not paid for in spite of limits imposed by the budget resolution recently passed by the House. Like the others in this series of House-passed bills seeking to preserve tax breaks enacted since President Bush was elected, this bill now moves to the Senate, where it is likely to be considered as part of a larger piece of tax legislation but not as a stand-alone, unfunded bill.


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