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.

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.