To amend the Internal Revenue Code of 1986 to establish a refundable young adult tax credit with monthly advance payment.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 9031 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 9031 To amend the Internal Revenue Code of 1986 to establish a refundable young adult tax credit with monthly advance payment. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 26, 2026 Mr. McGarvey (for himself, Mr. Casar, Mrs. Watson Coleman, Mr. Garcia of California, Ms. Tlaib, and Ms. Norton) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to establish a refundable young adult tax credit with monthly advance payment. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Young Adult Tax Credit Act''. SEC. 2. ESTABLISHMENT OF REFUNDABLE YOUNG ADULT TAX CREDIT WITH MONTHLY ADVANCE PAYMENT. (a) In General.--Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 24 the following new sections: ``SEC. 24A. MONTHLY YOUNG ADULT TAX CREDIT. ``(a) Allowance of Credit.--There shall be allowed as a credit against the tax imposed by this chapter for the taxable year the sum of the monthly specified young adult allowances determined with respect to the taxpayer under subsection (b) for each calendar month during such taxable year. ``(b) Monthly Specified Young Adult Allowance.-- ``(1) In general.--For purposes of this section, the term `monthly specified young adult allowance' means the sum of $500 for each taxpayer or dependent of the taxpayer who is a specified young adult for any calendar month. ``(2) Monthly specified young adult allowance.--In the case of any month beginning after December 31, 2027, the $500 amount in paragra