Senate Republicans Introduce $500 Tax Credit For Children
Senate Republicans introduced legislation Wednesday that would provide a $500-per-child tax credit for 35 million American families, in a prelude to the budget battle expected to rage in Congress this fall.
The proposal is similar to a credit the House approved this spring; unlike the House version, however, the Senate bill would set no income cap on families that would be eligible for the credit. The House set a $200,000 limit, although GOP moderates in the Senate say they will try to lower that ceiling to $100,000 or less.
The bill was sponsored by Sen. Don Nickles, R-Okla., and 17 co-sponsors including Senate Majority Leader Bob Dole of Kansas, a candidate for the Republican presidential nomination.
Like the House bill, Nickles’ tax credit would be non-refundable, which means that families too poor to owe federal income taxes would not be entitled to it.
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