Expanded Child Tax Credit – A Comeback?
Lawmakers from both the Republican and Democratic sides of the aisle have an interest in bringing back the child tax credit that was included in the COVID-19 stimulus bill. How it is brought back is what is being argued between lawmakers.
Democrats would like to bring the child tax credit back to its original form. That is a yearly credit of $3,000 per child for children older than 6 and $3,600 for children younger than 6. The credit was distributed monthly until it expired in 2021.
Republicans have stated support for expanding the credit but that version is different from what the Democrats have suggested. In the Republican plan, provisions for unborn children and expectant mothers would also be included for the credit.
Once more information has been released, we will be sure to keep you updated.
For more information about the Child Tax Credit, please reach out to the Professionals at The Center for Financial, Legal, & Tax Planning Inc., at (618) 997-3436.