JFS in IL
02-08-2008, 09:32 PM
The text of the act (House bill 5140) is as follows:
`(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--
`(1) net income tax liability, or
`(2) $600 ($1,200 in the case of a joint return)."
Therefore: This is a new tax credit and not just an advance of an existing credit.
However, the additional child credit applies only to kids 16 and under.
OK - this is what he dug up from wherever legal eagles find their legal stuff.
Drat - it means our twin boys won't count, he sez (although our two younger dds will).
`(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of--
`(1) net income tax liability, or
`(2) $600 ($1,200 in the case of a joint return)."
Therefore: This is a new tax credit and not just an advance of an existing credit.
However, the additional child credit applies only to kids 16 and under.
OK - this is what he dug up from wherever legal eagles find their legal stuff.
Drat - it means our twin boys won't count, he sez (although our two younger dds will).