Bill > HR463

This bill aims to expand and modify several key tax credits and provisions, with a focus on providing more financial support to lower and middle-income families. Specifically, the bill would expand the Earned Income Tax Credit (EITC) by significantly increasing the credit percentage, raising the earned income and phaseout amounts, and lowering the age restrictions to include workers as young as 18. The bill would also establish a new monthly Child Tax Credit that provides $300 per month for children over 6 and $350 per month for children under 6, with the credit being gradually reduced for higher-income households. Additionally, the bill introduces a new $500 credit for certain other dependents and creates a system of monthly advance payments for the Child Tax Credit. On the revenue side, the bill would increase the corporate income tax rate from 21% to 28%, raise the stock repurchase tax from 1% to 4%, and modify corporate alternative minimum tax rates. The bill stipulates that any net revenue generated should first be used to reduce the national deficit and then the national debt. Most of these provisions would take effect for tax years beginning after December 31, 2025.