Section 1. Short title
This Act may be cited as the Single Parent Penalty Elimination Act of 2024.
(a) Amount of credit increased
Section 24(a) of the Internal Revenue Code of 1986 is amended by striking $1,000 and inserting $2,000.
(b) Repeal of limitations
Section 24 of such Code is amended by striking subsection (b).
(c) Credit made fully refundable
Section 24(d) of such Code is amended to read as follows:
(d) Credit refundable
So much of the credit allowed to a taxpayer under subsection (a) as is determined without regard to subsection (h) shall be treated as a credit allowed to such taxpayer under subpart C.
(d) Repeal on certain special rules for taxable years 2018 through 2025
Section 24(h) of such Code is amended by striking paragraphs (2), (3), (5), and (6).
(e) Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2023.
(a) In general
Section 11(b) of the Internal Revenue Code of 1986 is amended by striking 21 percent and inserting 28 percent.
(b) Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.