(1) A resident with global income shall be eligible for the deduction of any of the following amounts for the children (including adoptees and foster children; hereafter referred to as "children eligible for tax credit" in this Article) at the age of eight or more who are subject to basic deduction from the calculated tax amount on global income of such resident: <Amended by Act No. 13282, May 13, 2015; Act No. 15225, Dec. 19, 2017; Act No. 16104, Dec. 31, 2018; Dec. 31, 2022>
1. For one child: 150,000 per year;
2. For two children: 300,000 per year;
3. For at least three children: The aggregate of 300,000 won per year and 300,000 won per year for each child besides two children.
(2) Deleted. <by Act No. 15225, Dec. 19, 2017>
(3) If a child eligible for tax credit is born or reported as adopted during the relevant taxable period, any of the following amounts shall be deducted from the calculated tax amount on global income: <Newly Inserted by Act No. 13282, May 13, 2015; Act No. 14389, Dec. 20, 2016>
1. If the child born or reported as adopted is the first child eligible for a tax credit: 300,000 won per year;
2. If the child born or reported as adopted is the second child eligible for a tax credit: 500,000 won per year;
3. If the child born or reported as adopted is at least the third child eligible for a tax credit: 700,000 won per year.
(4) The tax credits under paragraphs (1) and (3) shall be referred to as "tax credits for children." <Newly Inserted by Act No. 13282, May 13, 2015; Act No. 15225, Dec. 19, 2017>[This Article Newly Inserted by Act No. 12169, Jan. 1, 2014]