Single Parent Penalty Elimination Act of 2024

This bill increases the federal child tax credit from $1,000 to $2,000 per qualifying child and makes the credit fully refundable, meaning single parents (and other taxpayers) can receive the full credit even if they owe no income tax. It removes previous restrictions that limited the credit's value for many single parents and eliminates temporary rules affecting the credit through 2025. The changes apply to tax returns filed for 2024 and later. The unrelated corporate tax rate increase (from 21% to 28%) is also included but does not address single parent penalties.