Section 1 Increase in child tax credit
In general— Section 24(a) of the Internal Revenue Code of 1986 is amended by striking “$1,000” and inserting “$2,000”.
Increase in dollar threshold at which credit phase-Out begins—
In general— Section 24(b)(2) of such Code is amended—
by striking “$110,000” in subparagraph (A) and inserting “$150,000”;
by striking “$75,000” in subparagraph (B) and inserting “$100,000”; and
by striking “$55,000” in subparagraph (C) and inserting “75,000”.
Increase for additional qualifying children— Section 24(b) of such Code is amended by adding at the end the following new paragraph:
“(3) Increase in threshold amount based on number of qualifying children—In the case of a taxpayer with two or more qualifying children, the threshold amount otherwise determined under paragraph (2) shall be increased by $15,000 for each qualifying child of the taxpayer in excess of the first such child.”
Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.