$8,500 INCOME THRESHOLD USED TO CALCULATE REFUNDABLE PORTION OF CHILD TAX CREDIT.

SEC. 501. $8,500 INCOME THRESHOLD USED TO CALCULATE REFUNDABLE PORTION OF CHILD TAX CREDIT.(a) In General.—Section 24(d) is amended by adding at the end the following new paragraph:“(4) Special rule for 2008.—Notwithstanding paragraph (3), in the case of any taxable year beginning in 2008, the dollar amount in effect for such taxable year under paragraph (1)(B)(i) shall be $8,500.”.(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2007.