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 defines a "specified child" and "specified dependent" and outlines rules for determining eligibility, including provisions for temporary absences and hardship cases. The credit is subject to limitations based on modified adjusted gross income and includes provisions for resolving competing claims and preventing fraud. The bill also addresses the treatment of payments in U.S. possessions and the coordination of benefits with other government programs.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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