The American Family Act establishes a refundable child tax credit with monthly advance payments.
The American Family Act amends the Internal Revenue Code to create a refundable child tax credit with monthly advance payments. It introduces a monthly child tax credit and monthly advance child payments, with provisions for determining eligibility, calculating payments, and handling disputes. The credit is refundable and subject to adjustments based on modified adjusted gross income. The act also includes provisions for coordination with other tax systems, hardship exceptions, and rules for resolving competing claims of presumptive eligibility.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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