What is the official ID of this bill?
The official print number for this legislation is HR 4520.
Tax Credits for Critical Employees and Permanent Child Tax Credit Changes.
This act introduces new tax credits for specific professional groups, such as healthcare and emergency service workers, employed in designated zones. Additionally, it permanently alters the rules for the child tax credit, increasing its amount and expanding eligibility for families, potentially impacting household finances.
Key points
New tax credit of $3,500 for critical employees (e.g., nurses, firefighters, police officers, childcare providers, home care aides) working in designated opportunity zones.
The child tax credit is permanently modified: $3,500 per qualifying child ($4,500 for children under 6) and $500 for other qualifying dependents until 2026.
The income limit for the child tax credit is increased to $400,000 for joint filers and $200,000 for others, making it accessible to more families.
A portion of the child tax credit will be refundable, meaning low-income families can receive money even if the credit exceeds their tax liability.
Status:
Expired
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