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US Senate to Vote on Child Tax Credit Expansion

The Senate is set to vote on the expansion of the federal Child Tax Credit, which was intended to combat child poverty.

By Newsd
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Senate to Vote on Child Tax Credit Expansion
Source: Arkansas Advocate

Senate to Vote on Child Tax Credit Expansion: The planned expansion of the federal Child Tax Credit to reduce child poverty ran into problems before the April 15 tax deadline.

The Senate blocked the Tax Relief for American Families and Workers Act of 2024, which the House bipartisanly passed in February.

The expansion proposal?

The extension would increase the maximum per-child tax refund from $1,600 to $1,800, allowing parents to boost their refunds for 2023.

Taxpayers have until October 15 to obtain extensions, but future tax laws can not be relied on. Some Republicans oppose the bill’s “look back” language, which enables past income eligibility.

In their efforts to pass the enhanced Child Tax Credit, advocacy groups like the National Parents Union highlight bipartisan support.

If the proposal passes, the IRS guarantees immediate adjustments for parents who have filed their taxes. Taxpayers should not delay filing for legislative changes.

If the legislation fails by 2023, the Child Tax Credit will remain $2,000 per qualified child. The income limit for single taxpayers is $200,000 and for joint filers is $400,000. Due to legislative uncertainty, parents must stay informed and make plans, even though up to $1,600 per kid of the credit is refundable.

Child Tax Credit Payment Timeline: When to Expect Your Payment After Claiming

Has the 2024 child tax credit been approved?

The Senate must approve the legislation before it can be implemented, notwithstanding its Lower House approval. Senator Josh Hawley called the plan “on life support,” delaying benefits for many families.

“This tax bill looks like, to me, it’s in very serious trouble,” according to him.

“It is currently on life support.” I therefore believe that if they assembled those components, it could potentially grant access to support. It is certain to receive my vote.”

Can You Claim Both the Child Tax Credit and the Child and Dependent Care Credit?