Bill Details
HR.1697 - 119th Congress
Status
Latest action
2025-02-27 - Referred to the House Committee on Ways and Means.
Introduced Date
2025-02-27
Policy Area
Taxation
Committees
View committees (1)
Cosponsors
View cosponsors (1)
6
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would change the rules for the refundable part of the child tax credit so that families in Puerto Rico are treated more fairly. In simple terms, it would let Puerto Rican residents count under the same child tax credit rules as some other taxpayers when figuring out how much of the credit can be paid back to them as a refund. It also changes how Social Security taxes are counted in this calculation, which could affect the amount of credit some families receive. The changes would start applying to tax years after December 31, 2024.
- It updates the tax code so the refundable child tax credit rules also apply to certain Puerto Rico residents.
- It changes the formula used to figure out the refundable amount of the credit by adjusting how Social Security taxes are measured.
- The new rules would apply to tax years beginning after December 31, 2024.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1697 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 1697
To amend the Internal Revenue Code of 1986 to provide equitable
treatment for residents of Puerto Rico with respect to the refundable
portion of the child tax credit.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 27, 2025
Mr. Hernandez introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide equitable
treatment for residents of Puerto Rico with respect to the refundable
portion of the child tax credit.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Child Tax Credit Relief for Puerto
Rican Families Act''.
SEC. 2. EQUITABLE TREATMENT FOR RESIDENTS OF PUERTO RICO WITH RESPECT
TO THE REFUNDABLE PORTION OF THE CHILD TAX CREDIT.
(a) In General.--Section 24(d)(1) of the Internal Revenue Code of
1986 is amended by inserting ``or section 933'' after ``section 112''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2024.
SEC. 3. DEFINITION OF SOCIAL SECURITY TAXES FOR PURPOSES OF CALCULATING
PORTION OF CREDIT REFUNDABLE.
(a) In General.--Section 24(k)(2)(B) of the Internal Revenue Code
of 1986 is amended by striking ``and'' at the end of clause (i), by
striking the period at the end of clause (ii) and inserting ``, and'',
and by adding at the end the following new clause:
``(iii) subsection (d)(2)(A) shall be
applied--
``(I) in clause (i), by inserting
`twice' before `the amount', and
``(II) by striking `50 percent of'
each place it appears.''.
(b) Effective Date.--The amendments made by subsection (a) shall
apply to taxable years beginning after December 31, 2024.
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