118th Congress Taxation
S. 5256: Family Security Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill increases the child tax credit and provides a new tax credit for pregnant mothers. The bill also makes changes to the state and local tax (SALT) deduction, earned income tax credit (EITC), heads of household filing status, tax exemption for dependents, and deduction for dependent care expenses.
This bill increases the child tax credit for 2026 to $3,000 or $4,200 for each child, depending on the child’s age, makes the tax credit fully refundable (currently a portion is refundable), and allows taxpayers to receive the tax credit in advance monthly payments. Under the bill, the child tax credit is limited to six children and phases out once a taxpayer’s income exceeds a certain threshold.
The bill provides a new refundable tax credit for pregnant mothers of $2,800, which phases out once a taxpayer’s income exceeds a certain threshold. Taxpayers may receive the tax credit in advance monthly payments.
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The bill permanently extends the SALT deduction for individuals (currently, the SALT deduction for individuals expires in 2026) and increases the limit to $30,000 from $10,000 (or to $15,000 from $5,000 for married taxpayers filing separately).
The bill permanently eliminates the tax exemption for dependents. Under current law, a tax exemption for dependents is available starting in 2026.
This bill also eliminates the
• head of household filing status,
• tax credit for dependent care expenses for children under 13 years old, and
• different percentages that apply based on the number of qualifying children in the EITC calculation.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
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Other bills by Mitt Romney
History
- Introduced in the Senate by Mitt Romney.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.