What does Preamble of Child Tax Credit Relief for Puerto Rican Families Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment aims to provide equitable treatment for residents of Puerto Rico. The focus of the amendment is on the refundable portion of the child tax credit.

What does SHORT TITLE. of Child Tax Credit Relief for Puerto Rican Families Act do?

This bill is formally titled the Child Tax Credit Relief for Puerto Rican Families Act.

What does EQUITABLE TREATMENT FOR RESIDENTS OF PUERTO RICO WITH RESPECT of Child Tax Credit Relief for Puerto Rican Families Act do?

This section amends Section 24(d)(1) of the Internal Revenue Code of 1986. The amendment inserts 'or section 933' after 'section 112' within that section. The amendment applies to taxable years beginning after December 31, 2024.

What does DEFINITION OF SOCIAL SECURITY TAXES FOR PURPOSES OF CALCULATING of Child Tax Credit Relief for Puerto Rican Families Act do?

This section amends Section 24(k)(2)(B) of the Internal Revenue Code of 1986. The amendment strikes 'and' at the end of clause (i) and the period at the end of clause (ii) of that section. It adds a new clause (iii) to Section 24(k)(2)(B). Within clause (iii), it inserts 'twice' before 'the amount' in clause (i). It also strikes '50 percent of' each place it appears. The amendments apply to taxable years beginning after December 31, 2024.

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Child Tax Credit Relief for Puerto Rican Families Act

Last updated: 2/27/2025 · Introduced: 2/27/2025

Author: Pablo Hernández (D-PR)

TL;DR (AI)

This bill modifies the child tax credit to extend the same refundable credit to Puerto Rican residents as is available to those living in the United States.
The bill adjusts the calculation of the child tax credit by modifying how social security taxes are considered, specifically doubling the amount and removing a 50% reduction.
These changes apply to tax years beginning after December 31, 2024.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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