This bill proposes substantial changes to the Child Tax Credit under the Internal Revenue Code of 1986, aiming to provide greater financial support to families. Its primary provisions include increasing the credit amount from the current $1,000 to $5,000 per child and eliminating all existing income limitations on the credit. By removing these limitations, the legislation effectively makes the credit fully refundable for all eligible taxpayers, regardless of their income level. The bill also includes several conforming amendments and the removal of "deadwood" sections from the tax code related to the credit, streamlining its application. These significant enhancements to the child tax credit are slated to take effect for taxable years beginning after December 31, 2024 .