This bill would raise the Child Tax Credit to $5,000 per child, make it fully refundable (so families can get the full amount even if they owe little or no income tax), and remove income limits so higher‑income families would also qualify. It also deletes some older rules and ends the advance payment program for the credit. These changes would start with the 2025 tax year (returns filed in 2026).

Key points

• What changes: Credit set to $5,000 per child; credit made fully refundable; income limits removed; advance payment program and other outdated rules are repealed.
• Who is affected: Families with children across all income levels would be eligible for the full credit amount, depending on their number of qualifying children.
• When: Applies to tax years beginning after December 31, 2024.