Child Assistance Program and Tax Credit Reforms
This bill establishes a new universal child assistance program aimed at reducing child poverty. It replaces existing child tax credits and earned income tax credits, while also introducing new credits for adult dependents and families. Citizens can expect changes in how they receive financial support for children and new rules regarding tax benefits.
Key points
Introduction of monthly payments for children under 19 residing in the U.S., who are citizens or qualified aliens.
Establishment of a new office within the Social Security Administration to manage the child assistance program.
Repeal of the current Child Tax Credit and Earned Income Tax Credit, meaning these forms of support will no longer be available.
Introduction of a new refundable tax credit of $600 for adult dependents over 18 years old.
Introduction of a new refundable tax credit of $600 ($1200 for joint filers) for adults aged 19-64, with income limitations.
Expired
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