H.R. 1697, the Child Tax Credit Relief for Puerto Rican Families Act, modifies tax law to give Puerto Rico residents more equitable access to the refundable portion of the federal child tax credit. Currently, Puerto Rico residents who claim an exemption under federal tax code Section 933 are treated differently than other taxpayers when calculating how much of their child tax credit they can receive as a refund; this bill changes that by allowing them to be treated the same way. The legislation also increases the portion of the child tax credit that qualifies as refundable by doubling the threshold for Social Security taxes used in the calculation and removing certain percentage limits. The changes take effect for tax years beginning after December 31, 2024, and would benefit Puerto Rican families with children by potentially increasing the tax credits and refunds they receive.
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