Toddler Tax Credit Act of 1989

Summary

Toddler Tax Credit Act of 1989 - Amends the Internal Revenue Code to allow an individual a refundable income tax credit for each dependent child under the age of five. Establishes credit amounts as the lesser of: (1) $2,000 or 27 percent of income below $10,000 for a single qualified dependent; or (2) $3,000 or 40 percent of such income for more than one dependent. Reduces the credit for taxpayers earning more than $10,000. Makes this credit and the employment-related dependent care credit mutually exclusive. Applies phase-in amounts for tax years beginning in 1990 through 1993. Indexes post-1994 credit amounts. Authorizes advance toddler tax credit payments by employers to employees who provide certification of eligibility. Requires taxpayers to file information returns to reflect these payments. Disallows the earned income tax credit to taxpayers eligible for the toddler tax credit. Reduces the amount of the dependent care credit for taxpayers with adjusted gross income above $50,000.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 March 1989

  Open at official source

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