With less than four weeks until the tax day deadline on April 15, legislation to expand the child tax credit for families in the US remains stalled in the Senate. The proposed expansion could benefit 16 million children, including 5.8 million kids under 6, according to the Center on Budget and Policy Priorities, which is urging the Senate to pass the bill. IRS Commissioner Daniel Werfel stated that the IRS is closely monitoring the bill’s status and is prepared to quickly implement the expansion if it becomes law. The IRS also assured that if Congress alters the credit guidelines, adjustments will be automatically made for eligible taxpayers who have already filed, eliminating the need for additional action.
Child Tax Credit Expansion Could Benefit 16 Million Children, but Will It Pass in 2024?
Updated on April 27, 2024