Bill > HR4213

This bill, the Tax Equity and Prosperity for Puerto Rican Families Act of 2015, aims to provide greater tax equity for residents of Puerto Rico by making them eligible for federal tax credits. Specifically, it amends the Internal Revenue Code to allow citizens of Puerto Rico to claim the Earned Income Tax Credit (EITC), a tax credit for low-to-moderate income working individuals and families, with modified eligibility rules that lower the minimum age to 21 and set a fixed credit percentage of 40%, regardless of the number of qualifying children. Additionally, the bill allows Puerto Rican residents to claim the refundable portion of the Child Tax Credit, which is a credit for qualifying children, on the same basis as other U.S. taxpayers, ensuring they receive equitable treatment for this credit as well. These changes are intended to apply to tax years beginning after December 31, 2015.