To make improvements to the child tax credit, to provide tax incentives to promote economic growth, to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States, to provide tax relief with respect to certain Federal disasters, to make improvements to the low-income housing tax credit, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To make improvements to the child tax credit, to provide tax incentives to promote economic growth, to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States, to provide tax relief with respect to certain Federal disasters, to make improvements to the low-income housing tax credit, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Foreign Policy, Government Operations.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H043ECC8D6BB444DFA436DDA89C11623D: 1. Short title; table of contents; etc This Act may be cited as the Tax Relief for American Families and Workers Act of 2024. Except as otherwise expressly...
- Section H06E25436D15B421C83AE5264B1113868: 101. Per-child calculation of refundable portion of child tax credit Subparagraph (A) of section 24(h)(5) is amended to read as follows: (A)In generalIn...
- Section HC8B2AFC395A84CE5B3EBB33D2123FFB6: 102. Increase in refundable portion Paragraph (5) of section 24(h) is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after...
- Section H2E02DBBFE7324C32BB8984E053911AE9: 103. Inflation of credit amount Paragraph (2) of section 24(h) is amended— by striking amount.—Subsection and inserting “amount.— (A)In generalSubsection, and...
- Section HA5749BA9A76D49C2A4BE43FC13421B12: 104. Rule for determination of earned income Paragraph (6) of section 24(h) of the Internal Revenue Code of 1986 is amended— by striking credit.—Subsection and...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To make improvements to the child tax credit, to provide tax incentives to promote economic growth, to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States, to provide tax relief with respect to certain Federal disasters, to make improvements to the low-income housing tax credit, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Foreign Policy, Government Operations
Primary Purpose
This bill, To make improvements to the child tax credit, to provide tax incentives to promote economic growth, to provide special rules for the taxation of certain residents of Taiwan with income from sources within the United States, to provide tax relief with respect to certain Federal disasters, to make improvements to the low-income housing tax credit, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
ReportedRead the second time and placed on the calendar
Read the first time
Received
Reported from the Committee on Ways and Means with an …
Committee on Rules discharged; committed to the Committee of the …
Mr. Smith of Missouri introduced the following bill; which was …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Disaster victims with casualty losses, Early 2023 tax filers with children, Families with children
Capital-intensive businesses, Companies with domestic R&D activities, Companies with domestic R&D operations
Congressional committees, Executive Branch and Treasury Department, IRS
Positive-direction: Congressional committees, IRS enforcement
Negative-direction: Executive Branch and Treasury Department, IRS, President and Treasury Secretary, Treasury and State Department negotiators
Taiwanese investors and businesses in US, Taiwanese investors receiving US-source income
Fraudulent ERC promoters and tax advisors
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_commission"
- → The commission identified in the operative section
- "secretary_of_treasury"
- → Secretary of the Treasury
Key Definitions
Terms defined in this bill
the tax agreement authorized by section 313(a). The term appropriate congressional committees means— the Committee on Foreign Relations and the Committee on Finance of the Senate
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology