HR 1697
Child Tax Credit Relief for Puerto Rican Families Act
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Bill overview
This bill aims to provide Puerto Rican families with equal treatment regarding the refundable portion of the Child Tax Credit. It modifies the Internal Revenue Code to ensure that Puerto Rican residents receive the same benefits as residents of the United States for this credit. Specifically, the bill adjusts how the credit’s refundable amount is calculated, potentially increasing the amount received by eligible Puerto Rican families. The changes will take effect starting in 2025.
Key provisions
- Amends the Internal Revenue Code to provide equitable treatment for Puerto Rican residents regarding the refundable portion of the Child Tax Credit.
- Modifies Section 24(d)(1) of the Internal Revenue Code.
- Adjusts the calculation of the credit’s refundable amount.
- Changes the definition of Social Security taxes for credit calculation purposes.
Who is affected
- Residents of Puerto Rico
- Families with qualifying children
- Taxpayers claiming the Child Tax Credit
Notable changes
- Increases the potential amount of the refundable Child Tax Credit for Puerto Rican families.
- Alters the calculation method used to determine the refundable portion of the credit.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Pablo [D-PR-At Large] Rescom. Hernández
Cosponsor
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119th CONGRESS — 1st Session
H. R. 1697
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Internal Revenue Code of 1986 to provide equitable treatment for residents of Puerto Rico with respect to the refundable portion of the child tax credit.
This Act may be cited as the Child Tax Credit Relief for Puerto Rican Families Act
.
or section 933after
section 112.
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.
andat the end of clause (i), by striking the period at the end of clause (ii) and inserting
, and, and by adding at the end the following new clause:
in clause (i), by inserting twice
before the amount
, and
by striking 50 percent of
each place it appears.
The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2024.