Search Results: keywords:"refundable tax credit"

  • S. 3940 — To amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.
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    Status:Introduced in Senate
    Words:3,719

    The bill, titled the "First-Time Homebuyer Tax Credit Act of 2024," aims to amend the Internal Revenue Code of 1986 to provide a refundable tax credit for individuals purchasing their first home in the United States. It allows a credit of 10% of the home's purchase price, up to a maximum of...

    Simple Explanation

    The First-Time Homebuyer Tax Credit Act of 2024 wants to help people buy their first home by giving them some money back as a special reward, up to $15,000. It has some tricky rules about who can get the money, how much money they make, and if they might have to give it back if they sell their house too soon.

  • S. 4874 — To amend the Internal Revenue Code of 1986 to expand the employer-provided child care credit and the dependent care assistance exclusion.
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    Status:Introduced in Senate
    Words:2,980

    The bill, titled the "Child Care Availability and Affordability Act," proposes amendments to the Internal Revenue Code to make child care more affordable for working parents. It increases the employer-provided child care credit from 25% to 50% and raises the maximum credit amount from...

    Simple Explanation

    The Child Care Availability and Affordability Act is a plan to help parents have more money for child care by giving bigger tax breaks to businesses that help with child care and making it less expensive for families to pay for someone to take care of their kids while they work.

  • H. R. 7547 — To amend the Internal Revenue Code of 1986 to establish a refundable young adult tax credit with monthly advance payment.
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    Status:Introduced in House
    Words:5,493

    H. R. 7547, titled the "Young Adult Tax Credit Act," proposes changes to the Internal Revenue Code of 1986 to introduce a refundable tax credit for young adults aged 18 to 24. The bill allows eligible individuals or dependents to receive this credit in the form of monthly...

    Simple Explanation

    The Young Adult Tax Credit Act aims to give young people aged 18 to 24 money each month to help them out, like a $500 monthly allowance, and if prices go up, they’ll get more. The plan is to make sure no one takes the money by mistake and to help young people understand how to get it.

  • H. R. 8004 — To amend the Internal Revenue Code of 1986 to establish a refundable credit for qualified child care startup expenses.
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    Status:Introduced in House
    Words:997

    H.R. 8004, titled the “Expanding Child Care Access Act of 2024,” proposes amendments to the Internal Revenue Code of 1986 to provide a refundable tax credit for qualified child care startup expenses. The bill allows certain family child care providers, who are licensed or registered and meet...

    Simple Explanation

    The bill is like giving a one-time money boost to people who want to start taking care of kids at home, helping them with things they need to get started, but there are rules to make sure people use it the right way.

  • H. R. 9275 — To amend the Internal Revenue Code of 1986 to provide a refundable tax credit for non-directed living kidney donations.
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    Status:Introduced in House
    Words:856

    H.R. 9275 proposes an amendment to the Internal Revenue Code of 1986 to offer a refundable tax credit to individuals who donate a kidney under non-directed circumstances, meaning they do not know who the recipient will be. The tax credit amounts to $10,000 per year for the...

    Simple Explanation

    H.R. 9275 is like a thank-you gift from the government where grown-ups who bravely give a kidney to help someone they don't know can get $10,000 each year for up to five years to say thanks for being kind.

  • H. R. 7707 — To amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.
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    Status:Introduced in House
    Words:3,696

    The bill, H.R. 7707, seeks to amend the Internal Revenue Code of 1986 to introduce a refundable tax credit for first-time homebuyers. It allows eligible individuals to receive a credit worth 10% of the purchase price of their home, up to a maximum of $15,000. Certain...

    Simple Explanation

    The bill wants to give people buying their first house a bit of money back, up to $15,000, to help them pay for it, but they have to follow some rules like not owning a home recently and earning below a certain amount of money. If someone sells the house too soon or doesn't live in it, they might have to give the money back, and there are special rules for how this money can be shared or transferred to help with loans.