Legislation Search

H.R. 2763: American Family Act

The American Family Act is a legislative proposal designed to provide financial assistance to families with children through a refundable monthly child tax credit. Here are the key elements of the bill:

Monthly Child Tax Credit

The Act establishes a system for monthly allowances to families based on:

The age of the child
Family income, utilizing adjusted gross income thresholds to determine benefits

This initiative aims to enhance financial support for families, making it easier for them to manage expenses associated with raising children.

Eligibility and Benefits

Families will receive varying monthly payments depending on the family's income level and the number of qualifying children. The Act outlines:

Eligibility criteria, including age considerations for children
Different benefit amounts based on family income to support lower-income families more significantly

Automatic eligibility is granted at birth, simplifying the process for new parents.

Administrative Procedures

The Act includes detailed administrative processes for taxpayers, which cover:

Calculation methods for the credit
Handling of presumptive eligibility periods, which allows families to receive payments while their eligibility is being confirmed
Procedures for handling competing claims to ensure fairness and clarity

Fraud Identification and Penalties

To combat fraudulent claims, the bill includes specific identification requirements and establishes penalties for individuals who file false claims for the tax credit. This aims to maintain the integrity of the program and ensure that benefits are distributed appropriately.

Implementation Timeline

The changes proposed in the Act are set to take effect after 2024, giving time for the necessary administrative adjustments and public awareness to be established.