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Article: How spending and tax bills differ from current law.(Originated from Knight-Ridder Newspapers)
- Article from:
- Knight Ridder/Tribune News Service
- Article date:
- July 31, 1997
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune News Service. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON _ Here are highlights of the budget agreement and how they compare with current law. Income figures are for adjusted gross incomes.
CHILD TAX CREDIT
Current law:
_No provision
Agreement:
_Couples with incomes up to $110,000 and single parents with incomes up to $75,000 would be eligible for a child tax credit, if they pay income taxes. (A tax credit is a rebate on taxes.)
_The credit would be worth as much as $400 for each child age 16 and younger in 1998, and as much as $500 per child in 1999 and thereafter.