Parent Tax Credit Act

The Parent Tax Credit Act would provide a tax credit of $6,000 for single parents and $12,000 for married couples who have at least one child under the age of 13. To qualify, parents must meet a minimum earned income requirement and provide valid Social Security numbers for themselves and their children.

If passed, the Internal Revenue Service would be required to distribute these funds through automatic monthly payments rather than as a single annual refund. To offset the cost of this new benefit, the bill would eliminate the existing Child and Dependent Care Tax Credit.