To amend the Internal Revenue Code of 1986 to simplify the $500 per child tax credit and other individual non-refundable credits by repealing the complex limitations on the allowance of those credits resulting from their interaction with the alternative minimum tax.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to revise limitations under subpart A (Nonrefundable Personal Credits) of part IV (Credits Against Tax) to prohibit the aggregate amount of credits allowed by such subpart for the taxable year from exceeding the sum of: (1) the taxpayer's regular tax liability for the taxable year; and (2) the tax imposed for the taxable year by alternative minimum tax provisions. Repeals provisions concerning: (1) with respect to the additional credit for families with three or more children, the reduction of the child tax credit for a taxpayer subject to the alternative minimum tax; and (2) the supplemental child credit. Reduces the income threshold amount for the phaseout of the child tax credit.…