S.Amdt. 2713

As your legislative analyst, I want to break down what this amendment is proposing in plain English. Ms. Rosen submitted this amendment to change a bill regarding reconciliation, and we need to keep our elected officials accountable for these policy choices.

Here is what the amendment aims to change and add to the bill:

• Fully refundable Child Tax Credit: It makes the child tax credit fully refundable, with an exception for taxpayers who exclude foreign earned income.

• Expanded Child Tax Credit changes: It extends the expanded child tax credit by removing the January 1, 2026 expiration date. It also increases the credit amount from $2,000 to $3,600, or to $4,320 for a qualifying child under the age of six, and makes other updates to the section heading and paragraphs.

• Corporate tax rate increase: It changes the corporate tax rate so that taxable income under $100,000,000 is taxed at 21 percent, and taxable income exceeding $100,000,000 is taxed at 28 percent.