HR 7547
Young Adult Tax Credit Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Young Adult Tax Credit Act establishes a refundable tax credit and monthly advance payments for young adults. These young adults are defined as individuals aged 18-24 who are U.S. citizens, nationals, or residents. The credit amount is initially $500 per month, with adjustments based on the Consumer Price Index (CPI) to account for inflation. The bill also includes provisions for identifying dependents, ensuring proper identification numbers are used, and addressing potential recapture of payments if the credit is improperly claimed.
Sponsors
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Primary sponsor
Cosponsors
Barbara Lee
Cori Bush
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