Working Taxpayer Fairness Restoration Act

The Working Taxpayer Fairness Restoration Act (S. 1162) was designed to provide immediate financial relief to low- and middle-income families by accelerating a scheduled increase in the refundability of the Child Tax Credit. By raising the refund rate to 15 percent sooner than originally planned, the bill aimed to increase the amount of money eligible families would receive back from the government.

To offset the cost of this tax credit expansion, the bill proposed closing several corporate tax loopholes and extending IRS user fees for services like ruling and determination letters. These measures were intended to prevent corporations from avoiding taxes through complex accounting maneuvers involving partnerships and foreign investments. Ultimately, the bill sought to balance direct support for working families with stricter enforcement of corporate tax responsibilities.