American Family Act

The American Family Act would amend the Internal Revenue Code to create a refundable child tax credit paid in monthly installments, providing $300 per month for each child aged 6 or older and $360 per month (120% of $300) for each child under 6, with higher rates for infants under 1 month old. The credit phases out for higher-income taxpayers based on modified adjusted gross income, with initial thresholds of $150,000 for joint filers and $112,500 for others, and secondary thresholds of $400,000 and $300,000, respectively, both adjusted for inflation. The bill defines a "specified child" as a dependent under 18 living with the taxpayer for more than half the month, receiving uncompensated…

No official summary is available here. This one was written by AI from the bill’s text.