The president included the child tax credit changes in his new $1.9 trillion coronavirus relief proposal. The bill would increase the credit to $3,000 for children age 17 and under who qualify, while children under 6 would get a $3,600 credit. Currently, families can claim up to $2,000 per qualifying child under age 17.
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Rep. Suzan DelBene, D-Wash., said Biden’s child tax credit expansion for one year is “important relief for the pandemic,” in an interview with CNBC.com.
She is among lawmakers advocating changes to extend beyond 2021 and could provide families with up to $300 per month in cash payments.
“I believe that we should fully expand the credit to help families over the long term,” DelBene said. “This is good short-term policy, but it’s also very good long-term policy.”
The child tax credit is available to certain families who claim children as dependents, provided they meet certain qualifications, according to the IRS. It is in addition to other credits for earned income or child and dependent care expenses.
The problem, DelBene said, is that many families don’t qualify for the child tax credit under current rules.
Source Article from https://www.cnbc.com/2021/02/05/democrats-eye-proposal-to-give-some-families-300-monthly-checks.html
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