The Family Income Tax Credit Act

Sponsors: TheRedPrinceYT

Draftee: TheRedPrinceYT

Section I. Purpose and Intent

This bill aims to lessen the stress of economics and provide food, groceries and money to struggling families.

Section II. Definitions

Provide clear definitions of key terms used throughout the bill.

Example:

• “Families” shall refer to any group of 3 or more individuals related by blood, marriage or adoption.

Section III. Provisions

1. Only families with unmarried children under 18 years of age or 21 if still in school, would be eligible for the benefit under the FITC.
2. For the purposes of the FITC eligibility, a family is defined to only include family members who are related by blood, marriage, or adoption except in the case of a stepfather or stepmother who shall be considered to be a member of the family. The following category of people have been excluded from a family unit:
   1. Members not living in the same household, in-laws, grandparents, and 18-year-old adults not in school whose income information may be unavailable to the other family members.
   2. Any over or underpayments are to be fixed upon detection. The citizen who was overpaid is not required to return the overpayment.
3. Parents of children under 16 will receive $2,500 in tax credits each year for each child.
   1. This stops once a child hits the age of 17 or while they are employed.
   2. Children with a job who file under the Parent’s tax credits will receive 3% less taxes, no matter what tax credit they are in.
   3. This tax credit caps at $10,000.

Section IV. Enforcement

1. This bill will be enforced by the Department of Treasury and Commerce.
2. The Oversight Committee may investigate purposeful underfunding or purposeful misuse of budget allocated to this act.

Section V. Implementation and Oversight

1. This bill shall take effect immediately upon passage by Parliament and approval by the President.
   1. As of the BANANA Amendment, this bill will take effect immediately upon passage, if Parliament chooses to pass it with a veto-proof majority. 
2.  The Secretary of Treasury and Commerce shall ensure its implementation and report any noncompliance to the Legislature and/or the President of the Subreddit within fourteen (14) days.

Section VI. Amendments and Repeal

1. This Act may be amended by a simple majority vote of Parliament. 
2. Any previous acts or resolutions in conflict with this Act are hereby repealed.

Section VII. Effective Date

1. This Act shall take effect immediately upon passage by Parliament and approval by the President.