June 3, 2003 03:40 PM | Permalink |
Increasing the percentage used to compute the refundability of the child credit from 10% to 15% would help 6.5 million families with 11.9 million children nationwide this year and next. That represents one out of six families with children under 17 whose family incomes do not exceed the income phase-out for the credit.
A provision to increase the refundability percentage for the credit was included in the Senate-passed version of the tax bill. But that provision was not in the House-passed bill or the original Bush proposal, and was dropped in the final plan.