ment under this section only if such month is part 
of the period of presumptive eligibility determined by 
the Secretary under this subsection with respect to 
such specified child and such taxpayer (determined 
by treating the month described in subclause (I) of 
paragraph (2)(A)(ii) as being the first month begin-
ning after the determination described in such sub-
clause). 
‘‘(2) PERIOD OF PRESUMPTIVE ELIGIBILITY.— 
For purposes of this section— 
‘‘(A) IN GENERAL.—Except as otherwise 
provided by the Secretary, the term ‘period of 
presumptive eligibility’ means the period— 
‘‘(i) beginning with the month for 
which presumptive eligibility is established, 
and 
‘‘(ii) ending with the earliest of— 
‘‘(I) the beginning of the month 
described in clause (i) if the Secretary 
determines that the taxpayer com-
mitted fraud or intentionally dis-
regarded rules or regulations in estab-
lishing or maintaining presumptive 
eligibility, 
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‘‘(II) in the case of any notifica-
tion from the Secretary that the pe-
riod of presumptive eligibility has 
been terminated or suspended by rea-
son of any question regarding eligi-
bility of the taxpayer for monthly ad-
vance child payments with respect to 
such child, the month specified in 
such notice as the month on which 
such termination or suspension be-
gins, and 
‘‘(III) the month following any 
failure of the taxpayer to make the re-
quired annual renewal of presumptive 
eligibility by such date as the Sec-
retary may provide. 
‘‘(B) ESTABLISHING PRESUMPTIVE ELIGI-
BILITY.—A taxpayer shall establish presumptive 
eligibility with respect to any specified child for 
any month at such time and in such manner as 
the Secretary may provide. Except as otherwise 
provided by the Secretary, in order to establish 
a period of presumptive eligibility the taxpayer 
must express a reasonable expectation and in-
tent that the taxpayer will continue to be eligi-
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ble with respect to such specified child for at 
least the two months following the month for 
which presumptive eligibility is to be estab-
lished. 
‘‘(C) METHOD
OF
ESTABLISHING
PRE-
SUMPTIVE
ELIGIBILITY.—The Secretary shall 
ensure information to establish presumptive eli-
gibility under this paragraph may be provided 
on the return of tax for the taxable year ending 
before the calendar year which includes the 
month for which such eligibility is to be estab-
lished, through the on-line portal described in 
subsection (e), or in such other manner as the 
Secretary may provide. 
‘‘(D) INCLUSION
OF
AUTOMATIC
GRACE 
PERIODS AND PERIODS OF HARDSHIP.—The pe-
riod of presumptive eligibility shall include any 
period to which paragraph (1) or (2) of sub-
section (g) applies. 
‘‘(E) AUTOMATIC ELIGIBILITY FOR BIRTH 
OF CHILD.—The Secretary shall issue regula-
tions or other guidance to establish procedures 
pursuant to which, to the maximum extent ad-
ministratively practicable— 
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‘‘(i) a parent of a child born during a 
calendar month shall be treated as auto-
matically establishing presumptive eligi-
bility with respect to such child, 
‘‘(ii) the period of such automatic pre-
sumptive eligibility is determined, and 
‘‘(iii) the first monthly advance child 
payment with respect to such child is in-
creased to properly take into account the 
months in the period of such automatic 
presumptive eligibility which precede such 
payment. 
‘‘(F) PRESUMPTIVE
ELIGIBILITY
BASED 
ON
CERTAIN
GOVERNMENT
PROGRAMS.—The 
Secretary shall issue regulations or other guid-
ance to establish procedures under which— 
‘‘(i) based on information provided to 
the Secretary by one or more government 
entities, a parent or specified relative of a 
child is treated as automatically estab-
lishing presumptive eligibility with respect 
to such child, and 
‘‘(ii) the period for which such auto-
matic presumptive eligibility is determined 
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(including any additional circumstances 
under which such period will terminate). 
‘‘(G) 
COORDINATION
WITH
PRESUMP-
TION.—For purposes of determining the status 
of any individual as a specified child for pur-
poses of determining presumptive eligibility 
with respect to any period, section 24A(c) shall 
be applied without regard to paragraph (7) 
thereof. 
‘‘(3) NOTICE OF TERMINATION OF PRESUMP-
TIVE ELIGIBILITY BY REASON OF FAILURE TO MAKE 
ANNUAL RENEWAL.—If a taxpayer’s period of pre-
sumptive eligibility with respect to any specified 
child 
terminates 
by 
reason 
of 
paragraph 
(2)(A)(ii)(III), the Secretary shall provide the tax-
payer a written notice of such termination. 
‘‘(d) DETERMINATION OF REFERENCE MONTH AND 
REFERENCE TAXABLE YEAR.—For purposes of this sec-
tion— 
‘‘(1) REFERENCE MONTH.—The term ‘reference 
month’ means, with respect to any taxpayer for any 
calendar month, the most recent of— 
‘‘(A) in the case of a taxpayer who filed a 
return of tax for the last taxable year ending 
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before such calendar month, the last month of 
such taxable year, 
‘‘(B) in the case of a taxpayer who filed a 
return of tax for the taxable year preceding the 
taxable year described in subparagraph (A), the 
last month of such preceding taxable year, and 
‘‘(C) in the case of a taxpayer who pro-
vides, through a specified alternative mecha-
nism, information which is sufficient to esti-
mate the taxpayer’s monthly advance child pay-
ment for such month, such month. 
‘‘(2) REFERENCE TAXABLE YEAR.—The term 
‘reference taxable year’ means, with respect to any 
taxpayer for any calendar month, the most recent 
of— 
‘‘(A) the taxable year described in subpara-
graph (A) or (B) of paragraph (1), or 
‘‘(B) in the case of a taxpayer who pro-
vides, through a specified alternative mecha-
nism, information which is sufficient to esti-
mate the taxpayer’s modified adjusted gross in-
come for the taxable year which includes such 
month, such taxable year. 
‘‘(3) AVAILABILITY
OF
INFORMATION.—Any 
month or year referred to in subparagraph (A), (B), 
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or (C) of paragraph (1) or subparagraph (A) or (B) 
of paragraph (2) shall not be taken into account in 
determining the reference month or reference tax-
able year with respect to any calendar month unless 
all relevant information with respect to such month 
or year is available to the Secretary and the Sec-
retary has adequate time to make estimates under 
this section on the basis of such information before 
the beginning of such calendar month. 
‘‘(4) TREATMENT OF INSUFFICIENT INFORMA-
TION.—Except as otherwise provided by the Sec-
retary— 
‘‘(A) if a taxpayer is not described in sub-
paragraph (A), (B), or (C) of paragraph (1) 
with respect to any calendar month, the month-
ly advance child payment with respect to such 
taxpayer for such calendar month shall be 
treated as zero unless the Secretary determines 
that the Secretary can make the estimate de-
scribed in subsection (b) on the basis of infor-
mation known to the Secretary which the Sec-
retary determines is reasonably reliable, and 
‘‘(B) if the taxpayer is not described in 
paragraph (1)(C) and the information on the 
return of tax referred to in subparagraph (A) 
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or (B) of paragraph (1) does not establish the 
status of the taxpayer (in the case of a joint re-
turn, either spouse) as having a principal place 
of abode (determined as provided in section 32) 
in the United States or Puerto Rico for more 
than one-half of the reference month, the Sec-
retary shall determine such status based on in-
formation known to the Secretary. 
‘‘(5) TRANSITION RULE.—In any case with re-
spect to which section 24A was not in effect for the 
taxable year described in subparagraph (A), (B), or 
(C) of paragraph (1) (whichever is applicable), sub-
section (b)(1) shall be applied by substituting ‘the 
qualifying children of such taxpayer for the taxable 
year which includes the reference month’ for ‘the 
specified children of such taxpayer for the reference 
month’. 
‘‘(e) ON-LINE INFORMATION PORTAL; SPECIFIED 
ALTERNATIVE MECHANISMS.— 
‘‘(1) ON-LINE
INFORMATION
PORTAL.—The 
Secretary shall establish an on-line portal which al-
lows taxpayers to— 
‘‘(A) subject to such restrictions as the 
Secretary may provide, elect to begin or cease 
receiving payments under this section, and 
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‘‘(B) provide information to the Secretary 
which is relevant in determining the monthly 
advance child payment and the taxpayer’s eligi-
bility for such payment, including information 
regarding— 
‘‘(i) the number of the taxpayer’s 
specified children, including by reason of 
the birth of a child, 
‘‘(ii) the taxpayer’s marital status, 
‘‘(iii) the taxpayer’s modified adjusted 
gross income, 
‘‘(iv) the taxpayer’s principal place of 
abode, and 
‘‘(v) any other factor which the Sec-
retary may provide. 
‘‘(2) SPECIFIED ALTERNATIVE MECHANISM.— 
For purposes of this section, the term ‘specified al-
ternative mechanism’ means the on-line portal estab-
lished under paragraph (1), the on-line portal estab-
lished under section 7527A, and any other mecha-
nism or method established by the Secretary to allow 
taxpayer’s to provide the information described in 
paragraph (1) (including in connection with the fil-
ing of any return of tax). 
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‘‘(3) 
AVAILABILITY
IN
MULTIPLE
LAN-
GUAGES.—The Secretary shall ensure that the on- 
line portal described in paragraph (1) is available in 
multiple languages. 
‘‘(f) SPECIFIED CHILD
OF MORE THAN 1 TAX-
PAYER.— 
‘‘(1) IN GENERAL.—In the event that (without 
regard to this paragraph) a period of presumptive 
eligibility with respect to the same specified child 
would exist for more than 1 taxpayer at the same 
time— 
‘‘(A) except as otherwise provided in this 
section or by the Secretary, a period of pre-
sumptive eligibility shall exist only respect to 
the taxpayer with the most recent reference 
month, 
‘‘(B) the Secretary shall establish proce-
dures under which the Secretary expeditiously 
adjudicates taxpayers’ competing claims of pre-
sumptive eligibility with respect to the same 
child, and 
‘‘(C) the Secretary shall notify any tax-
payer of the termination of a period of pre-
sumptive eligibility pursuant to this subsection. 
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‘‘(2) PROVISIONS
RELATED
TO
ADJUDICA-
TION.— 
‘‘(A) EXPEDITED
PROCESS; APPEALS.— 
The procedures established under paragraph 
(1)(B) shall include— 
‘‘(i) an expedited process for tax-
payers who meet such requirements as the 
Secretary may establish for such expedited 
process, and 
‘‘(ii) procedures for adjudicating an 
appeal of an adverse decision. 
‘‘(B) INFORMATION RECEIPT AND COORDI-
NATION.—The Secretary may enter into agree-
ments to receive information from, and other-
wise coordinate with— 
‘‘(i) Federal agencies (including the 
Social Security Administration and the De-
partment of Agriculture), 
‘‘(ii) any State, local government, 
Tribal government, or possession of the 
United States, and 
‘‘(iii) any other individual or entity 
that the Secretary determines to be appro-
priate for purposes of adjudicating a com-
peting claim described in paragraph (1). 
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‘‘(C) ADJUDICATION NOT TREATED AS AS-
SESSMENT.—An adjudication under the proce-
dures established under paragraph (1)(B) (in-
cluding the adjudication of any appeal) shall 
not be treated as an assessment described in 
section 6201. 
‘‘(D) ADJUDICATION NOT TREATED AS IN-
SPECTION
OF
TAXPAYER’S
BOOKS
OF
AC-
COUNT.—The inspection of a taxpayer’s books 
of account in connection with any adjudication 
under the procedures established under para-
graph (1)(B) (including the adjudication of any 
appeal) shall not be treated as an examination 
or inspection of a taxpayer’s books of account 
for purposes of section 7605(b). 
‘‘(3) RETROACTIVE PAYMENTS.—If, pursuant to 
the procedures established under paragraph (1)(B), 
the Secretary determines that a child is a specified 
child of a taxpayer and the Secretary did not make 
payments to such taxpayer with respect to such child 
for any portion of the period during which the deter-
mination was made, the Secretary may make a one- 
time payment to the taxpayer with respect to which 
such child is the specified child in an amount equal 
to the aggregate amount by which the monthly ad-
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vance child payments to such taxpayer would have 
increased during such period if such determination 
had been made immediately. 
‘‘(4) RECAPTURE OF PAYMENTS.—If, pursuant 
to the procedures established under paragraph 
(1)(B), the Secretary makes payments with respect 
to the child during the period during which the de-
termination is made— 
‘‘(A) the Secretary shall provide each tax-
payer which receives such payments notice that 
such payments may be subject to recapture, 
and 
‘‘(B) upon making such determination, the 
Secretary shall determine on the basis of the 
facts and circumstances of each such taxpayer 
whether any such payments should be subject 
to recapture and shall so notify each such tax-
payer. 
‘‘(g) RULES RELATED
TO GRACE PERIODS
AND 
HARDSHIPS.— 
‘‘(1) AUTOMATIC GRACE PERIOD.— 
‘‘(A) IN GENERAL.—Notwithstanding sub-
section (f), in the case of any failure or delay 
in establishing a period of presumptive eligi-
bility with respect to which the taxpayer elects 
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the application of this subparagraph, credit 
under section 24A or retroactive payment under 
this section (similar to the payment described in 
subsection (f)(3)) shall be allowed or made with 
respect to so much of the period of such failure 
or delay as does not exceed 3 months. The pre-
ceding sentence shall not apply if the Secretary 
determines that such failure or delay was due 
to fraud or reckless or intentional disregard of 
rules and regulations. 
‘‘(B) 
LIMITATION.—Subparagraph 
(A) 
shall not apply with respect to any taxpayer 
more than once during any 36-month period. 
‘‘(2) HARDSHIP.—Notwithstanding subsection 
(f), if the Secretary determines that a failure or 
delay in establishing a period of presumptive eligi-
bility with respect to any specified child was due to 
domestic violence, serious illness, natural disaster, or 
any other hardship, credit under section 24A or ret-
roactive payment under this section (similar to the 
payment described in subsection (f)(3)) shall be al-
lowed or made with respect to so much of the period 
of such failure or delay as does not exceed 6 months. 
‘‘(h) PROVISIONS RELATED TO FORM, MANNER, AND 
TREATMENT OF PAYMENTS.— 
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‘‘(1) APPLICATION OF ELECTRONIC FUNDS PAY-
MENT REQUIREMENT.—The payments made by the 
Secretary under subsection (a) shall be made by 
electronic funds transfer to the same extent and in 
the same manner as if such payments were Federal 
payments not made under this title. 
‘‘(2) 
DELIVERY
OF
PAYMENTS.—Notwith-
standing any other provision of law, the Secretary 
may certify and disburse refunds payable under this 
section electronically to— 
‘‘(A) any account to which the payee au-
thorized, on or after January 1, 2023, the deliv-
ery of a refund of taxes under this title or of 
a Federal payment (as defined in section 3332 
of title 31, United States Code), 
‘‘(B) any account belonging to a payee 
from which that individual, on or after January 
1, 2023, made a payment of taxes under this 
title, or 
‘‘(C) any Treasury-sponsored account (as 
defined in section 208.2 of title 31, Code of 
Federal Regulations). 
‘‘(3) WAIVER
OF
CERTAIN
RULES.—Notwith-
standing section 3325 of title 31, United States 
Code, or any other provision of law, with respect to 
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any payment of a refund under this section, a dis-
bursing official in the executive branch of the United 
States Government may modify payment information 
received from an officer or employee described in 
section 3325(a)(1)(B) of such title for the purpose 
of facilitating the accurate and efficient delivery of 
such payment. Except in cases of fraud or reckless 
neglect, no liability under section 3325, 3527, 3528, 
or 3529 of title 31, United States Code, shall be im-
posed with respect to payments made under this 
paragraph. 
‘‘(4) EXCEPTION
FROM
REDUCTION
OR
OFF-
SET.—Any applicable payment (as defined in para-
graph (5)(E)(iii)) shall not be— 
‘‘(A) subject to reduction or offset pursu-
ant to section 3716 or 3720A of title 31, 
United States Code, 
‘‘(B) subject to reduction or offset pursu-
ant to subsection (c), (d), (e), or (f) of section 
6402, or 
‘‘(C) reduced or offset by other assessed 
Federal taxes that would otherwise be subject 
to levy or collection. 
‘‘(5) ASSIGNMENT OF BENEFITS.— 
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‘‘(A) IN GENERAL.—The right of any per-
son to any applicable payment shall not be 
transferable or assignable, at law or in equity, 
and no applicable payment shall be subject to, 
execution, levy, attachment, garnishment, or 
other legal process, or the operation of any 
bankruptcy or insolvency law. 
‘‘(B) ENCODING
OF
PAYMENTS.—In the 
case of an applicable payment described in sub-
paragraph (E)(iii)(I) that is paid electronically 
by direct deposit through the Automated Clear-
ing House (ACH) network, the Secretary of the 
Treasury (or the Secretary’s delegate) shall— 
‘‘(i) issue the payment using a unique 
identifier that is reasonably sufficient to 
allow a financial institution to identify the 
payment as an applicable payment, and 
‘‘(ii) further encode the payment pur-
suant to the same specifications as re-
quired for a benefit payment defined in 
section 212.3 of title 31, Code of Federal 
Regulations. 
‘‘(C) GARNISHMENT.— 
‘‘(i) ENCODED
PAYMENTS.—In the 
case of a garnishment order that applies to 
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an account that has received an applicable 
payment that is encoded as provided in 
subparagraph (B), a financial institution 
shall follow the requirements and proce-
dures set forth in part 212 of title 31, 
Code of Federal Regulations, except— 
‘‘(I) 
notwithstanding 
section 
212.4 of title 31, Code of Federal 
Regulations (and except as provided 
in subclause (II)), a financial institu-
tion shall not fail to follow the proce-
dures of sections 212.5 and 212.6 of 
such title with respect to a garnish-
ment order merely because such order 
has attached, or includes, a notice of 
right to garnish federal benefits issued 
by a State child support enforcement 
agency, and 
‘‘(II) a financial institution shall 
not, with regard to any applicable 
payment, be required to provide the 
notice referenced in sections 212.6 
and 212.7 of title 31, Code of Federal 
Regulations. 
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‘‘(ii) OTHER PAYMENTS.—In the case 
of a garnishment order (other than an 
order that has been served by the United 
States) that has been received by a finan-
cial institution and that applies to an ac-
count into which an applicable payment 
that has not been encoded as provided in 
subparagraph (B) has been deposited elec-
tronically on any date during the lookback 
period or into which an applicable payment 
that has been deposited by check on any 
date in the lookback period, the financial 
institution, upon the request of the account 
holder, shall treat the amount of the funds 
in the account at the time of the request, 
up to the amount of the applicable pay-
ment (in addition to any amounts other-
wise protected under part 212 of title 31, 
Code of Federal Regulations), as exempt 
from a garnishment order without requir-
ing the consent of the party serving the 
garnishment order or the judgment cred-
itor. 
‘‘(iii) LIABILITY.—A financial institu-
tion that acts in good faith in reliance on 
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clauses (i) or (ii) shall not be subject to li-
ability or regulatory action under any Fed-
eral or State law, regulation, court or other 
order, or regulatory interpretation for ac-
tions concerning any applicable payments. 
‘‘(D) NO
RECLAMATION
RIGHTS.—This 
paragraph shall not alter the status of applica-
ble payments as tax refunds or other nonbenefit 
payments for purpose of any reclamation rights 
of the Department of the Treasury or the Inter-
nal Revenue Service as per part 210 of title 31, 
Code of Federal Regulations. 
‘‘(E) DEFINITIONS.—For purposes of this 
paragraph— 
‘‘(i) ACCOUNT
HOLDER.—The term 
‘account holder’ means a natural person 
whose name appears in a financial institu-
tion’s records as the direct or beneficial 
owner of an account. 
‘‘(ii) ACCOUNT
REVIEW.—The term 
‘account review’ means the process of ex-
amining deposits in an account to deter-
mine if an applicable payment has been de-
posited into the account during the 
lookback period. The financial institution 
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shall perform the account review following 
the procedures outlined in section 212.5 of 
title 31, Code of Federal Regulations and 
in accordance with the requirements of sec-
tion 212.6 of title 31, Code of Federal 
Regulations. 
‘‘(iii) APPLICABLE
PAYMENT.—The 
term ‘applicable payment’ means— 
‘‘(I) any payment made to an in-
dividual under this section (other than 
any payment made pursuant to para-
graph (6)), 
‘‘(II) any advance payment made 
by a possession of the United States 
with a mirror code tax system (as de-
fined in section 24(h)) pursuant to an 
election 
under 
paragraph 
(6)(B) 
which corresponds to a payment de-
scribed in subclause (I), and 
‘‘(III) 
any 
advance 
payment 
made by American Samoa pursuant to 
a program for making such payments 
which is described in paragraph 
(6)(C)(ii). 
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‘‘(iv) GARNISHMENT.—The term ‘gar-
nishment’ means execution, levy, attach-
ment, garnishment, or other legal process. 
‘‘(v) 
GARNISHMENT
ORDER.—The 
term ‘garnishment order’ means a writ, 
order, notice, summons, judgment, levy, or 
similar written instruction issued by a 
court, a State or State agency, a munici-
pality or municipal corporation, or a State 
child support enforcement agency, includ-
ing a lien arising by operation of law for 
overdue child support or an order to freeze 
the assets in an account, to effect a gar-
nishment against a debtor. 
‘‘(vi) LOOKBACK PERIOD.—The term 
‘lookback period’ means the two month pe-
riod that begins on the date preceding the 
date of account review and ends on the 
corresponding date of the month two 
months earlier, or on the last date of the 
month two months earlier if the cor-
responding date does not exist. 
‘‘(6) APPLICATION OF ADVANCE PAYMENTS IN 
THE POSSESSIONS OF THE UNITED STATES.— 
‘‘(A) PUERTO RICO.— 
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‘‘(i) For application of child tax credit 
to residents of Puerto Rico, see section 
24A(d). 
‘‘(ii) For application of monthly ad-
vance child payments to residents of Puer-
to Rico, see subsection (b)(4). 
‘‘(B) MIRROR CODE POSSESSIONS.—In the 
case of any possession of the United States with 
a mirror code tax system (as defined in section 
24A(h)(1)(C)), this section shall not be treated 
as part of the income tax laws of the United 
States for purposes of determining the income 
tax law of such possession unless such posses-
sion elects to have this section be so treated. 
‘‘(C) ADMINISTRATIVE EXPENSES OF AD-
VANCE PAYMENTS.— 
‘‘(i) MIRROR CODE POSSESSIONS.—In 
the case of any possession described in 
subparagraph (B) which makes the elec-
tion described in such subparagraph, the 
amount otherwise paid by the Secretary to 
such 
possession 
under 
section 
24A(h)(1)(A) with respect to taxable years 
beginning in 2024, 2025, and 2026 shall 
each be increased by $300,000 if such pos-
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session has a plan, which has been ap-
proved by the Secretary, for making 
monthly advance child payments consistent 
with such election. 
‘‘(ii) AMERICAN SAMOA.—The amount 
otherwise paid by the Secretary to Amer-
ican Samoa under subparagraph (A) of 
section 24A(h)(3) with respect to taxable 
years beginning in 2024, 2025, and 2026 
shall each be increased by $300,000 if the 
plan described in subparagraph (B) of 
such section includes a program, which has 
been approved by the Secretary, for mak-
ing monthly advance child payments under 
rules similar to the rules of this section. 
‘‘(iii) TIMING
OF
PAYMENT.—The 
Secretary may pay, upon the request of the 
possession of the United States to which 
the payment is to be made, the amount of 
the increase determined under clause (i) or 
(ii), respectively, immediately upon ap-
proval of the plan with respect to which 
such payment relates. 
‘‘(i) APPLICATION OF CERTAIN DEFINITIONS AND 
RULES APPLICABLE TO CHILD TAX CREDIT.— 
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‘‘(1) DEFINITIONS.—Except as otherwise pro-
vided in this section, terms used in this section 
which are also used in section 24A shall have the 
same respective meanings as when used in section 
24A. 
‘‘(2) TREATMENT
OF
CERTAIN
DEATHS.—A 
child shall not be taken into account in determining 
the monthly advance child payment for any calendar 
month if the death of such child before the end of 
such month is known to the Secretary as of date on 
which the Secretary estimates such payment. 
‘‘(3) IDENTIFICATION
REQUIREMENTS.—Rules 
similar to the rules which apply under section 
24A(e) shall apply for purposes of this section ex-
cept that such rules shall apply with respect to the 
return of tax for the reference taxable year or, in the 
case of information provided through a specified al-
ternative mechanism, with respect to the information 
provided through such mechanism. 
‘‘(4) RESTRICTIONS ON TAXPAYERS WHO IM-
PROPERLY CLAIMED CREDIT OR RECEIVED MONTHLY 
ADVANCE
CHILD
PAYMENTS.—For restrictions on 
taxpayers who improperly claimed credit or received 
monthly advance child payments, see section 24A(f). 
‘‘(j) NOTICE OF PAYMENTS.— 
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‘‘(1) IN GENERAL.—Not later than January 31 
of the calendar year following any calendar year dur-
ing which the Secretary makes one or more pay-
ments to any taxpayer under this section, the Sec-
retary shall provide such taxpayer with a written no-
tice which includes— 
‘‘(A) the taxpayer’s taxpayer identity (as 
defined in section 6103(b)(6)), 
‘‘(B) the aggregate amount of such pay-
ments made to such taxpayer during such cal-
endar year, and 
‘‘(C) such other information as the Sec-
retary determines appropriate. 
‘‘(2) CERTAIN PAYMENTS SUBJECT TO RECAP-
TURE.—In the case of any payments made to a tax-
payer which the Secretary has determined are sub-
ject to recapture, the notice provided under para-
graph (1) to such taxpayer shall include the amount 
of such payments. 
‘‘(k) NOTIFICATION OF CERTAIN EVENTS.—With re-
spect to any taxpayer receiving monthly advance child pay-
ments under this section with respect to any specified 
child, the Secretary shall, to the maximum extent prac-
ticable, provide reasonable advance notice of each of the 
following: 
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‘‘(1) Any month with respect to which such 
monthly advance child payment will increase (rel-
ative to the preceding month) by reason of an infla-
tion adjustment under section 24A(b)(3)(A). 
‘‘(2) Any month with respect to which such 
monthly advance child payment will be reduced (rel-
ative to the preceding month) by reason of such 
child ceasing to be a specified child by reason of at-
taining age 18. 
‘‘(3) In the case of a taxpayer with a specified 
child described in section 24A(b)(1)(A), any month 
with respect to which such monthly advance child 
payment will be reduced by reason of such child at-
taining age 6. 
‘‘(l) REGULATIONS.—The Secretary shall issue such 
regulations or other guidance as the Secretary determines 
necessary or appropriate to carry out the purposes of this 
section.’’. 
(c) TERMINATION OF ANNUAL CHILD TAX CRED-
IT.—Section 24 of such Code is amended by adding at 
the end the following new subsection: 
‘‘(l) TERMINATION.—This section shall not apply to 
(and no payment shall be made under subsection (k) with 
respect to) any taxable year beginning after December 31, 
2023.’’. 
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(d) DISCLOSURE OF INFORMATION RELATING TO AD-
VANCE
PAYMENT
OF
CHILD
TAX
CREDIT.—Section 
6103(e) of such Code is amended by adding at the end 
the following new paragraph: 
‘‘(12) DISCLOSURE OF INFORMATION RELATING 
TO ADVANCE PAYMENT OF CHILD TAX CREDIT.— 
‘‘(A) JOINT FILERS.—In the case of an in-
dividual to whom the Secretary makes pay-
ments under section 7527A or who is eligible 
for monthly advance child payments under sec-
tion 7527B, if the reference taxable year (as 
defined in section 7527A(b)(2) or 7527B(d)(2), 
as the case may be) that the Secretary uses to 
calculate such payments is a year for which the 
individual filed an income tax return jointly 
with another individual, the Secretary may dis-
close to such individual any information which 
is relevant in determining the payment under 
section 7527A, or the monthly advance child 
payment under section 7527B, and the individ-
ual’s eligibility for such payment, including in-
formation regarding any of the following: 
‘‘(i) The number of specified children, 
including by reason of the birth of a child. 
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‘‘(ii) The name and TIN of specified 
children. 
‘‘(iii) Marital status. 
‘‘(iv) Modified adjusted gross income. 
‘‘(v) Principal place of abode. 
‘‘(vi) Any other factor which the Sec-
retary may provide pursuant to section 
7527A(c) or 7527B(e). 
‘‘(B) COMPETING CLAIMANTS.—In the case 
of an individual who has a competing claim of 
presumptive eligibility with respect to a speci-
fied child under section 7527B(f)(1), the Sec-
retary may disclose to such individual return in-
formation provided by another individual who 
has a competing claim of presumptive eligibility 
with respect to the same specified child in the 
course of the Secretary’s adjudication of that 
competing claim, as well as any other informa-
tion considered by the Secretary with respect to 
that competing claim. Such information shall be 
limited to the items specified in subparagraph 
(A) and the following: 
‘‘(i) Information received under any 
agreements or coordination the Secretary 
entered into with— 
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‘‘(I) any State, local government, 
Tribal government, or possession of 
the United States, or 
‘‘(II) any other individual or enti-
ty that the Secretary determines to be 
appropriate for purposes of adjudi-
cating a competing claim. 
‘‘(ii) Information considered by the 
Secretary about where and with whom the 
specified child resided. 
‘‘(iii) Information considered by the 
Secretary about expenditures made by the 
claimants to the extent such payments re-
late to the competing claim.’’. 
(e) CONFORMING AMENDMENTS.— 
(1) Section 26(b)(2) of such Code is amended 
by striking ‘‘and’’ at the end of subparagraph (Y), 
by striking the period at the end of subparagraph 
(Z) and inserting ‘‘, and’’, and by adding at the end 
the following new subparagraph: 
‘‘(AA) section 24A(g)(2) (relating to recap-
ture of certain monthly advance child pay-
ments).’’. 
(2) Section 152(f)(6)(B)(ii) of such Code is 
amended to read as follows: 
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‘‘(ii) the credits under sections 24, 
24A, and 24B and the payments under 
sections 7527A and 7527B,’’. 
(3) Section 3402(f)(1)(C) of such Code is 
amended by inserting ‘‘or section 24A (determined 
after application of subsection (g) thereof)’’ after 
‘‘section 24 (determined after application of sub-
section (j) thereof)’’. 
(4) Section 6103(l)(13)(A)(v) of such Code is 
amended by insert ‘‘or section 24A, as the case may 
be’’ after ‘‘section 24’’. 
(5) Section 6211(b)(4)(A) of such Code is 
amended by inserting ‘‘24A by reason of subsection 
(d) thereof,’’ after ‘‘24 by reason of subsections (d) 
and (i)(1) thereof,’’. 
(6) Section 6213(g)(2)(I) of such Code is 
amended by inserting ‘‘or section 24A(e) (relating to 
monthly child tax credit)’’ after ‘‘section 24(e) (re-
lating to child tax credit)’’. 
(7) Section 6213(g)(2)(L) of such Code is 
amended by inserting ‘‘24A,’’ after ‘‘24,’’. 
(8) Section 6213(g)(2)(P) of such Code is 
amended— 
(A) by inserting ‘‘or 24A(f)(2)’’ after ‘‘sec-
tion 24(g)(2)’’, 
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this section shall apply to taxable years beginning 
after December 31, 2023. 
(2) MONTHLY
ADVANCE
CHILD
PAYMENTS.— 
The amendments made by subsection (b) shall apply 
to calendar months beginning after December 31, 
2023. 
(3) INFORMATION
DISCLOSURE.—The amend-
ment made by subsection (d) shall take effect on the 
date of the enactment of this Act. 
SEC. 6. CAPITAL GAINS RATES NOT APPLICABLE TO CER-
TAIN HIGH INCOME TAXPAYERS. 
(a) IN GENERAL.—Section 1(h)(1) of the Internal 
Revenue Code of 1986 is amended by inserting ‘‘and the 
taxable income of such taxpayer for such taxable year does 
not exceed $1,000,000 (half such amount in the case of 
a married individual filing a separate return)’’ after ‘‘If 
a taxpayer has a net capital gain for any taxable year’’. 
(b) INFLATION ADJUSTMENT.—Section 1(h) of such 
Code is amended by adding at the end the following new 
paragraph: 
‘‘(12) INFLATION ADJUSTMENT.— 
‘‘(A) IN
GENERAL.—In the case of any 
taxable 
year 
beginning 
after 
2024, 
the 
$1,000,000 amount in paragraph (1) shall be 
increased by an amount equal to— 
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‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, determined by substituting ‘calendar 
year 2022’ for ‘calendar year 2016’ in sub-
paragraph (A)(ii) thereof. 
‘‘(B) ROUNDING.—If any increase under 
subparagraph (A) is not a multiple of $50, such 
dollar amount shall be rounded to the next low-
est multiple of $50.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2023. 
SEC. 7. INCREASE IN RATES OF CERTAIN CORPORATE 
TAXES. 
(a) CORPORATE INCOME TAX RATE.—Section 11(b) 
of the Internal Revenue Code of 1986 is amended by strik-
ing ‘‘21 percent’’ and inserting ‘‘28 percent’’. 
(b) RATE OF TAX ON REPURCHASE OF CORPORATE 
STOCK.—Section 4501(a) of such Code is amended by 
striking ‘‘1 percent’’ and inserting ‘‘4 percent’’. 
(c) 
CORPORATE
ALTERNATIVE
MINIMUM
TAX 
RATE.—Section 55(b)(2)(A)(i) of such Code is amended 
to read as follows: 
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‘‘(i) the sum of— 
‘‘(I) 15 percent of so much of the 
adjusted financial statement income 
(as defined in section 56A) as does 
not exceed $5,000,000,000, plus 
‘‘(II) 25 percent of so much of 
such adjusted financial statement in-
come as exceeds $5,000,000,000,’’. 
(d) EFFECTIVE DATES.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2023. 
Æ 
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