Child Tax Credit Integrity Preservation Act, S. 91
This post Child Tax Credit Integrity Preservation Act, S. 91 originally appeared on Truth About Bills
The Bill: S. 91, the Child Tax Credit Integrity Preservation Act of 2013
Annualized Savings: $1 billion ($5 billion over five years)
The Child Tax Credit serves to give relief to households who have children. For middle and higher-income earners, the credit reduces any income taxes ultimately owed to the government. Up to $1,000 can be claimed for each child, stepchild, or dependent.
For households with low or no income, residents can claim the Additional Child Tax Credit (ACTC), which is refundable. Refundable tax credits count as public spending because a recipient is able to receive more money back from the government than they originally owed in taxes. The latest budget estimates that the ACTC will have an outlay cost of $23.1 billion in Fiscal Year 2013.
Senator David Vitter (R-LA) has introduced the Child Tax Credit Integrity Preservation Act to limit the eligibility for the credit. The bill would require applicants to include valid identification for the head and any child of the household. According to an article in The Hill by Senator Vitter, S. 91 serves to prevent illegal immigrants from claiming the refundable portion of the credit.
According to a Congressional Budget Office (CBO) estimate from the previous Congress, requiring Social Security numbers for the Child Tax Credit would lead to $5 billion in less spending over five years. Approximately $2.6 billion would be saved in the first year and an average $831 million in each of the following four years.
Congressman Jack Kingston (R-GA) is expected to introduce companion legislation that would result in the same $5 billion savings.
This article originally appeared in the National Taxpayers Union Foundation’s Taxpayer’s Tab weekly newsletter, The Taxpayer’s Tab, on July 11, 2013. The Foundation’s BillTally project scores the potential spending of every introduced bill in Congress.
This post Child Tax Credit Integrity Preservation Act, S. 91 originally appeared on Truth About Bills
Source: http://truthaboutbills.com/child-tax-credit-integrity-preservation-act-91/?utm_source=rss&utm_medium=rss&utm_campaign=child-tax-credit-integrity-preservation-act-91
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