American Family Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The American Family Act establishes a refundable monthly child tax credit, aiming to provide financial support to families with children. Families can receive advance payments of up to $300 per month for each specified child, with adjustments based on income. The credit is subject to limitations based on modified adjusted gross income and is designed to be more responsive to families’ needs. Additionally, the bill introduces a separate credit of $500 per specified dependent for taxpayers who do not qualify for the monthly advance payments.
Key provisions
- Establishes a refundable monthly child tax credit of up to $300 per month per specified child.
- The credit is reduced based on the taxpayer’s modified adjusted gross income.
- The amount of the credit is adjusted annually based on inflation.
- Introduces a separate $500 credit for each specified dependent.
- Establishes a ‘period of presumptive eligibility’ for families to receive advance payments.
- Provides for coordination with possessions of the United States, including Puerto Rico and American Samoa.
- Includes provisions to prevent fraud and ensure accurate payment distribution.
- Specifies identification requirements for claiming the credit.
Who is affected
- Families with children
- Taxpayers
- Low-to-moderate income families
- State and local governments
- Federal government
Notable changes
Bill text
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Sponsors
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