Bill 119 HR 547, also known as the "Child Tax Credit Integrity Preservation Act," aims to amend the Internal Revenue Code of 1986 by requiring individuals to provide a social security number in order to claim the child tax credit. The bill seeks to prevent fraud and abuse of the child tax credit by ensuring that only individuals who are eligible to claim the credit are able to do so.
Under current law, individuals are able to claim the child tax credit without providing a social security number for the child. This has led to instances of individuals fraudulently claiming the credit for children who do not actually exist or who are not their dependents. By requiring individuals to provide a social security number for each child claimed on their tax return, the bill aims to increase the integrity of the child tax credit program and prevent such fraudulent claims.
The bill does not make any changes to the eligibility requirements for the child tax credit itself. Individuals will still be able to claim the credit for qualifying children who meet the age, relationship, residency, and support requirements. The only change is the requirement to provide a social security number for each child claimed on the tax return.
Overall, the Child Tax Credit Integrity Preservation Act seeks to ensure that the child tax credit is being claimed by individuals who are eligible to receive it, and to prevent fraud and abuse of the program. It is a bipartisan effort to strengthen the integrity of the tax system and protect taxpayer dollars.