"House Passes Bill for Expanded Child Tax Credit, Potentially Providing $700 Tax Break to Families"

The House passed a bipartisan tax bill expanding the child tax credit, potentially providing families with a nearly $700 tax break as early as this year. The bill would raise the maximum refundable tax break to $1,800 per child for tax year 2023, with further increases in the following years. Low-income families could see larger tax breaks, and more than 1 in 5 children would benefit from the proposal in the first year, with 400,000 poised to rise out of poverty.