TEMPORARY INCREASE IN EARNED INCOME TAX CREDIT.

SEC. 1002. TEMPORARY INCREASE IN EARNED INCOME TAX CREDIT.(a) In General.—Subsection (b) of section 32 is amended by adding at the end the following new paragraph:“(3) Special rules for 2009 and 2010.—In the case of any taxable year beginning in 2009 or 2010—“(A) Increased credit percentage for 3 or more qualifying children.—In the case of a taxpayer with 3 or more qualifying children, the credit percentage is 45 percent.“(B) Reduction of marriage penalty.—“(i) In general.—The dollar amount in effect under paragraph (2)(B) shall be $5,000.“(ii) Inflation adjustment.—In the case of any taxable year beginning in 2010, the $5,000 amount in clause (i) shall be increased by an amount equal to—“(I) such dollar amount, multiplied by“(II) the cost of living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins determined by substituting ‘calendar year 2008’ for ‘calendar year 1992’ in subparagraph (B) thereof.“(iii) Rounding.—Subparagraph (A) of subsection (j)(2) shall apply after taking into account any increase under clause (ii).”.(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2008.123 STAT. 313