Page:United States Statutes at Large Volume 115 Part 1.djvu/67

 PUBLIC LAW 107-16^JUNE 7, 2001 115 STAT. 45 fraction of the amount which would (but for this subsection) be the amount of such reduction. "(2) APPLICABLE FRACTION.—For purposes of paragraph (1), the apphcable fraction shall be determined in accordance with the following table: "For taxable years beginning The applicable in calendar year— fraction is— 2006 and 2007 % 2008 and 2009 Va. "(g) TERMINATION. —T his section shall not apply to any taxable year beginning after December 31, 2009.". (b) EFFECTIVE DATE.—The amendment made by this section Applicability, shall apply to taxable years beginning after December 31, 2005. 26 USC 68note. TITLE II—TAX BENEFITS RELATING TO CHILDREN SEC. 201. MODIFICATIONS TO CHILD TAX CREDIT. (a) INCREASE IN PER CHILD AMOUNT. — Subsection (a) of section 24 (relating to child tax credit) is amended to read as follows: 26 USC 24. "(a) ALLOWANCE OF CREDIT. — "(1) IN GENERAL.— T here shall be allowed as a credit against the tax imposed by this chapter for the taxable year with respect to each qualifying child of the taxpayer an amount equal to the per child amount. "(2) PER CHILD AMOUNT.—For purposes of paragraph (1), the per child amount shall be determined as follows: "In the case of any taxable year The per child amount is— beginning in— 2001, 2002, 2003, or 2004 $ 600 2005, 2006, 2007, or 2008 700 2009 800 2010 or thereafter 1,000. ". (b) CREDIT ALLOWED AGAINST ALTERNATIVE MINIMUM TAX. — (1) IN GENERAL.—Subsection (b) of section 24 (relating to child tax credit) is amended by adding at the end the following new paragraph: " (3) LIMITATION BASED ON AMOUNT OF TAX.— The credit allowed under subsection (a) for any taxable year shall not exceed the excess of— "(A) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over "(B) the sum of the credits allowable under this subpart (other than this section) and section 27 for the taxable year. ". (2) CONFORMING AMENDMENTS.— (A) The heading for section 24(b) is amended to read as follows: "LIMITATIONS. —". (B) The heading for section 24(b)(1) is amended to read as follows: "LIMITATION BASED ON ADJUSTED GROSS INCOME. —". (C) Section 24(d), as amended by subsection (c), is amended— (i) by striking "section 26(a)" each place it appears and inserting "subsection (b)(3)", and

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