Child Credit Preservation and Expansion Act of 2004

[AI summary unavailable — showing source text] Child Credit Preservation and Expansion Act of 2004 - Amends the Internal Revenue Code to repeal the scheduled reductions in the amount of the child tax credit for taxable years beginning in 2005 through 2009 (from $1,000 to $700 in 2005 through 2008 and $800 in 2009). Makes the $1,000 credit amount permanent. Increases the income threshold amount for calculating reductions in the credit amount to $125,000 ($250,000 for married taxpayers filing a joint return). Eliminates the reduction in the percentage of earned income for calculating the refundable portion of the credit (15 to 10 percent) for taxable years beginning before 2005. Includes in earned income for purposes of calculating the refundable portion of the credit otherwise tax excludable combat zone compensation of members of the armed forces. Exempts from the general termination date in the Economic Growth and Tax Relief Reconciliation Act of 2001 (December 31, 2010) provisions of that Act disregarding as income any refunds from the child tax credit for purposes of determining eligibility for federally funded assistance programs.…