3.0.0 5256 2024-11-25T20:46:01Z 2024-11-25T20:46:01Z Senate S S 2024-09-25 118 ssfi00 Finance Committee Senate Standing Referred to 2024-09-25T22:24:47Z 2024-09-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2024-09-25 Introduced in Senate IntroReferral 10000 9 Library of Congress R000615 Sen. Romney, Mitt [R-UT] Mitt Romney R UT N Taxation Taxation 2024-11-05T15:45:48Z

00 2024-09-25 Introduced in Senate 2024-11-25T20:45:11Z <p><strong>Family Security Act</strong></p><p>This bill increases the child tax credit and provides a new tax credit for pregnant mothers. The bill also makes changes to the state and local tax (SALT) deduction, earned income tax credit (EITC), heads of household filing status, tax exemption for dependents, and deduction for dependent care expenses.</p><p>This bill increases the child tax credit for 2026 to $3,000 or $4,200 for each child, depending on the child’s age, makes the tax credit fully refundable (currently a portion is refundable), and allows taxpayers to receive the tax credit in advance monthly payments. Under the bill, the child tax credit is limited to six children and phases out once a taxpayer’s income exceeds a certain threshold.</p><p>The bill provides a new refundable tax credit for pregnant mothers of $2,800, which phases out once a taxpayer’s income exceeds a certain threshold. Taxpayers may receive the tax credit in advance monthly payments.</p><p>The bill permanently extends the SALT deduction for individuals (currently, the SALT deduction for individuals expires in 2026) and increases the limit to $30,000 from $10,000 (or to $15,000 from $5,000 for married taxpayers filing separately). &nbsp;</p><p>The bill permanently eliminates the tax exemption for dependents. Under current law, a tax exemption for dependents is available starting in 2026.</p><p>This bill also eliminates the</p><p>• &nbsp; &nbsp;head of household filing status,&nbsp;<br/>• &nbsp; &nbsp;tax credit for dependent care expenses for children under 13 years old, and&nbsp;<br/>• &nbsp; &nbsp;different percentages that apply based on the number of qualifying children in the EITC calculation.</p>

Display Title 45 2024-10-21T23:53:22Z Short Title(s) as Introduced 101 2024-10-21T23:53:21Z Introduced in Senate IS Official Title as Introduced 6 2024-10-21T23:48:18Z Introduced in Senate IS Introduced in Senate 2024-09-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s5256is/xml/BILLS-118s5256is.xml 2024-09-25 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.