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Monthly Tax Credit for Young Adults: Financial Support and New Rules

This act introduces a new, refundable tax credit for young adults aged 18 to 24, paid monthly. The aim is to provide regular financial support that can help cover daily expenses, education, or savings. Eligible citizens will receive $500 per month, with the possibility of this amount being adjusted for inflation in the future.
Key points
Monthly Payments: Young adults (18-24 years old) can receive $500 per month to support their personal finances.
Refundable Credit: Even if you don't earn enough to owe taxes, you can still receive the full credit amount.
Inflation Adjustment: The $500 amount may increase in the future to keep pace with inflation.
Online Portal: An online portal will be established to manage payments, report changes, and choose between monthly or annual lump-sum payments.
Payment Protection: Payments are protected from garnishment and cannot be reduced due to other federal debts.
Outreach Campaign: The government will conduct a campaign to inform eligible individuals about the new credit and assist them in claiming it.
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Additional Information
Print number: 118_HR_7547
Sponsor: Rep. McGarvey, Morgan [D-KY-3]
Process start date: 2024-03-05
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Young Adult Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7547.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-05.

What are the main provisions?

Key points include:

  • Monthly Payments: Young adults (18-24 years old) can receive $500 per month to support their personal finances.
  • Refundable Credit: Even if you don't earn enough to owe taxes, you can still receive the full credit amount.
  • Inflation Adjustment: The $500 amount may increase in the future to keep pace with inflation.
  • Online Portal: An online portal will be established to manage payments, report changes, and choose between monthly or annual lump-sum payments.
  • Payment Protection: Payments are protected from garnishment and cannot be reduced due to other federal debts.
  • Outreach Campaign: The government will conduct a campaign to inform eligible individuals about the new credit and assist them in claiming it.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. McGarvey, Morgan [D-KY-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

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