HR1425-119

1. Child tax credit improvements Section 24(a) of the Internal Revenue Code of 1986 is amended by striking $1,000 and inserting $5,000. Section 24 of such Code is amended by striking subsection (b). Section 24 of such Code is amended by striking subsections (i) and (j). Section 24(k)(2) of such Code is amended— by striking subparagraph (A), and by striking (B) Application to taxable years after 2021.. Section 24(k)(3)(A) of such Code is amended by striking and without regard to the application of this section to bona fide residents of Puerto Rico under subsection (i)(1). Section 24(k)(3)(C)(ii) of such Code is amended to read as follows: In the case of a taxable year with respect to which a plan is not approved under subparagraph (B), rules similar to the rules of paragraph (2) shall apply with respect to bona fide residents of American Samoa (within the meaning of section 937(a)). Chapter 77 of such Code is amended by striking section 7527A (and by striking the item relating to such section in the table of sections for such chapter). Section 24(h) of such Code is amended by striking paragraphs (2) and (3). The amendments made by this section shall apply to taxable years beginning after December 31, 2024. (ii)Application of section in event of absence of approved planIn the case of a taxable year with respect to which a plan is not approved under subparagraph (B), rules similar to the rules of paragraph (2) shall apply with respect to bona fide residents of American Samoa (within the meaning of section 937(a))..