1. Short title This Act may be cited as the Permanent Tax Relief for Working Families Act . 2. Increase in and modification of child tax credit (a) In general Section 24 of the Internal Revenue Code of 1986 is amended— (1) by amending subsection (a) to read as follows: (a) Allowance of credit There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of— (1) $2,000 for each qualifying child of the taxpayer, and (2) $500 for each dependent of the taxpayer (as defined in section 152, without regard to all that follows resident of the United States in section 152(b)(3)(A)) other than a qualifying child. , (2) in subsection (b)— (A) by striking the threshold amount in paragraph (1) and inserting $400,000 in the case of a joint return ($200,000 in any other case) , (B) by striking paragraph (2), and (C) by striking Limitations and all that follows through The amount and inserting Limitation based on adjusted gross income.— The amount , (3) in subsection (d)(1)(A), by striking all that follows under this section and inserting the following: determined— (i) by substituting $1,400 for $2,000 in subsection (a)(1), (ii) without regard to subsection (a)(2), and (iii) without regard to this subsection and the limitation under section 26(a). , (4) in subsection (d)(1)(B)(i), by striking $3,000 and inserting $2,500 , (5) by inserting after subsection (d)(2) the following new paragraph: (3) Adjustment for inflation In the case of a taxable year beginning after 2018, the $1,400 amount in paragraph (1)(A) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2017 for 2016 in subparagraph (A)(ii) thereof. If any increase under this paragraph is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100. , (6) by amending subsection (e) to read as follows: (e)