Legislation
The Child Tax Credit Preservation Act (H.R. 508)
Washington,
October 9, 2011
Congressman Posey introduced the Child Tax Credit Preservation Act which makes the $1,000 per child tax credit permanent and requires that it be indexed to account for inflation each year. The idea behind the legislation is to help families plan for future expenses and to correct for the value of the credit which has eroded due to inflation since 2001 when it was set at $1,000. It should be above $1,200 today. Each year it’s estimated that inflation cuts away the value of the child tax credit by 2 to 3 percent. It also requires that the credit be indexed to account for inflation each year into the future and indexes a family’s income thresholds to account for inflation as well.
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