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.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting