Single Parent Penalty Elimination Act of 2024

Bill: 118-hr-9354
Sponsor: full_name: Rep. Porter, Katie [D-CA-47]
Introduced: 2024-08-13
Policy area: Taxation
Latest action: action_date: 2024-08-13
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2024-08-13
action_desc: Introduced in House
text: <p><strong>Single Parent Penalty Elimination Act of 2024</strong></p><p>This bill revises the child tax credit by increasing its allowable amount from $1,000 to $2,000. It also repeals income eligibility limits for such credit and makes the credit fully refundable.&nbsp;</p><p>As an offset to this bill's revenue effect, the corporate income tax rate is increased from 21% to 28%.&nbsp;</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 9354 IN THE HOUSE OF REPRESENTATIVES August 13, 2024 Ms. Porter (for herself, Ms. Pressley , and Mrs. Ramirez ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to make certain temporary provisions relating to the child tax credit permanent, to make such credit fully refundable, and to increase the corporate tax rate.

1. Short title This Act may be cited as the Single Parent Penalty Elimination Act of 2024 . 2. Increase in child tax credit (a) Amount of credit increased Section 24(a) of the Internal Revenue Code of 1986 is amended by striking $1,000 and inserting $2,000 . (b) Repeal of limitations Section 24 of such Code is amended by striking subsection (b). (c) Credit made fully refundable Section 24(d) of such Code is amended to read as follows: (d) Credit refundable So much of the credit allowed to a taxpayer under subsection (a) as is determined without regard to subsection (h) shall be treated as a credit allowed to such taxpayer under subpart C. . (d) Repeal on certain special rules for taxable years 2018 through 2025 Section 24(h) of such Code is amended by striking paragraphs (2), (3), (5), and (6). (e) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023. 3. Increase in corporate tax rate (a) In general Section 11(b) of the Internal Revenue Code of 1986 is amended by striking 21 percent and inserting 28 percent . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2024.