H.R. 1425: To amend the Internal Revenue Code of 1986 to increase the amount of the child tax credit, to make such credit fully refundable, to remove income limitations from such credit, and for other purposes.

This bill proposes several changes to the child tax credit as outlined in the Internal Revenue Code of 1986. The main objectives of the bill are:

Child Tax Credit Improvements

Increase in Credit Amount

The bill suggests increasing the child tax credit from its current amount of $1,000 per qualifying child to $5,000.

Removal of Income Limitations

The bill aims to eliminate existing income restrictions that limit eligibility for the child tax credit. This means that families with higher incomes would also be able to receive the credit, which is currently capped based on income levels.

Removal of Deadwood

The bill proposes to eliminate certain outdated provisions and sections of the existing tax code related to the child tax credit, updating and clarifying its application.

Conforming Amendments

Additional amendments will be made to conform to this bill's changes, including the removal of specific paragraphs within the tax code that would no longer be applicable following the changes proposed.

Effective Date

The changes introduced by this bill would take effect for taxable years beginning after December 31, 2024.

Relevant Companies

None found