"Prospects of Child Tax Credit Expansion Bill Hang in the Balance"
TL;DR Summary
The Tax Relief for American Families and Workers Act of 2024, currently with the Senate, proposes to expand the child tax credit over the next three years, potentially benefiting 16 million children in low-income families in the first year. The bill aims to increase the maximum refundable amount per child to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025, with eligibility criteria similar to the existing child tax credit. Unlike the 2021 credit, the proposed rules would require claiming the credit when filing tax returns. While the House has passed the bill, Senate approval remains uncertain.
- Child Tax Credit Expansion Bill: How Much Money Could You Receive if It's Approved? CNET
- House passes $78 billion tax bill expanding the child tax credit, its fate in the Senate remains to be seen Fox Business
- The Child Tax Credit Bill Seems Destined For Defeat in the Senate Bloomberg
- Opinion | In Defense of the Child Tax Credit The Wall Street Journal
- Local families waiting to see if child tax credit bill will pass for this tax season WWLP.com
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