This bill significantly reforms the existing child tax credit by establishing a new, fully refundable credit with monthly advance payments to eligible families. It aims to provide regular financial support to families with children, replacing the current annual credit structure. The legislation introduces specific monthly allowance amounts that vary based on a child's age, designed to better support families with younger children. Under the new structure, families would receive a monthly allowance of $300 for each child aged six and older. For children under the age of six, the allowance increases to $360 per month. Notably, for newborns under one month old, the monthly allowance is set at $2,400, providing substantial initial support. These monthly allowances are subject to income phase-outs, beginning at modified adjusted gross incomes of $150,000 for joint filers and $112,500 for other filers, with a secondary phase-out at higher income levels. A key feature of the new credit is its full refundability, ensuring that even families with little or no tax liability can benefit, provided they have a principal place of abode in the United States or Puerto Rico. To be considered a " specified child ," an individual must reside with the taxpayer for more than half the month, be under 18, and receive uncompensated care, among other criteria. The bill also mandates identification requirements, including a taxpayer identification number for both the taxpayer and each qualifying child, to prevent improper claims. The Internal Revenue Service (IRS) is directed to make monthly advance payments based on estimated eligibility, establishing " periods of presumptive eligibility " for taxpayers and children. Taxpayers can provide necessary information through their tax returns or an online portal, which also allows them to start or stop receiving payments. The bill includes provisions for automatic eligibility for newborns and allows for eligibility based on participation in certain government programs. To address potential conflicts, the legislation outlines procedures for resolving competing claims from multiple taxpayers for the same child, including expedited adjudication and the possibility of retroactive payments. Importantly, these monthly advance payments are protected from reduction or offset for most federal debts and are exempt from garnishment, levy, or other legal processes, ensuring families receive their full benefit. The bill also includes grace periods and hardship provisions for retroactive payments in specific circumstances. In addition to the monthly child tax credit, the bill establishes a separate $500 credit for other dependents who do not qualify as "specified children," also subject to income limitations. The existing annual child tax credit will be terminated for taxable years beginning after December 31, 2024, with the new monthly system taking effect for calendar months after the bill's enactment. Provisions for information disclosure are also included to facilitate the administration of the new credit and resolve disputes.