To amend the Internal Revenue Code of 1986 to expand the earned income and child tax credits, and for other purposes.

Bill 119 HR 463 aims to make changes to the Internal Revenue Code of 1986 in order to expand the earned income and child tax credits. The earned income tax credit (EITC) is a refundable tax credit for low to moderate income working individuals and couples, while the child tax credit provides a tax credit for families with qualifying children.

The bill proposes to increase the maximum amount of the EITC for childless workers, as well as expand eligibility for the credit to more individuals. It also seeks to make the child tax credit fully refundable, meaning that families would receive the full amount of the credit even if it exceeds their tax liability.

Additionally, the bill includes provisions to index the EITC and child tax credit for inflation, ensuring that the value of these credits keeps pace with rising costs of living. It also includes measures to simplify the process for claiming these credits, making it easier for eligible individuals and families to access the financial support they are entitled to. Overall, Bill 119 HR 463 aims to provide additional financial assistance to low to moderate income individuals and families through expansions and improvements to the earned income and child tax credits.