What is the official ID of this bill?
The official print number for this legislation is S 1426.
New Parent Tax Credit: Financial Support and Changes to Child Care Benefits.
This act introduces a new, refundable tax credit for parents, aiming to provide financial support to families with children under 13. Eligible parents could receive $6,000 ($12,000 for joint filers) annually, with the option of receiving monthly advance payments. Concurrently, the existing Child and Dependent Care Credit will be terminated.
Key points
Introduction of a new tax credit of $6,000 ($12,000 for joint filers) for eligible parents of children under 13.
Option to receive monthly advance payments of the credit.
Requirement for a minimum earned income, calculated based on the minimum wage, to qualify for the credit.
Mandatory valid identification numbers (e.g., Social Security Number) for parents and qualifying children.
Termination of the existing Child and Dependent Care Credit for taxable years beginning after December 31, 2021.
The credit will be protected from reduction or offset by other federal debts.
Status:
Expired
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