HOUSE, SENATE PASS TAX-RELATED MEASURES: Late last month, congressional lawmakers passed separate measures to make permanent the child tax credit and to require the annual registration of federal income tax return preparers with the Internal Revenue Service.
As expected, House members approved a bill that would permanently extend the $1,000 child tax credit and would double the income levels for phasing it out. The Child Credit Preservation and Expansion Bill of 2004 (H.R. 4359), which won approval in a 271-139 House vote, repeals the scheduled reductions in the amount of the child tax credit from $1,000 to $700 in 2005 through 2008 and $800 in 2009.
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