S.Amdt. 2474

Mr. Kim submitted amendment SA 2474 to be proposed to another amendment on the bill H.R. 1. If we want to hold our officials accountable, we need to look at what this change actually does based strictly on the text provided.

The Main Purpose

The purpose of the amendment is to add a new rule to section 70104. This rule ties a tax benefit increase to average wages. Specifically, it looks at the average wages and salaries for the first 12-month period ending after the enactment of the Act, using the Employment Cost Index for total compensation for civilian workers, and compares them to calendar year 2024.

The Changes to the Bill

• If those average wages and salaries do not go up by at least 3.5 percent compared to calendar year 2024, the amendment changes certain dollar amounts in the law.

• It replaces the $2,200 amount with $3,600 (or $6,360 for a child under age 1, and $4,320 for a child who is at least age 1 but has not attained age 7 as of the last day of the taxable year).

• It also applies these higher substituted amounts to subsection (i)(2) of the law.