February 15 2024- The House of Representatives passed a bipartisan tax bill that includes an expansion of the child tax credit through 2025. The package, worth $78 billion, would increase the maximum refundable tax break to $1,800 per child for tax year 2023, up from $1,600. The limit would further rise to $1,900 for tax year 2024 and $2,000 for the following year, with adjustments for inflation. If the bill is approved by the Senate, eligible families could see an average $680 break during the 2023 tax season. The fate of the bill in the Senate remains uncertain.
