February 14 2024- There is a potential expansion of the Child Tax Credit on the horizon, as House Ways and Means Committee Chairman Jason Smith (R-Missouri) and Senate Finance Committee Chairman Ron Wyden (D-Oregon) have unveiled a framework for a deal. Currently, households earning $200,000 or less (or $400,000 for couples) with children aged 16 and under are eligible for a $2,000 tax credit, but only $1,600 of that amount is refundable. The proposed expansion includes increasing the refundable amount to $1,800 for 2023 taxes, with additional increments of $100 in 2024 and 2025. The plan also involves adjusting the annual rate based on inflation.
Child Tax Credit deal reached: Will monthly payments be returning?
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