In the News
Forbes: House Proposal Would Restore Expanded And Improved Monthly Child Tax Credits
Kelly Phillips Erb, Forbes
A group of U.S. Representatives has introduced the American Family Act, legislation that would make the previously expanded and improved monthly child tax credit permanent.
During Covid-19, the American Rescue Plan Act provided relief for American families through a series of payments and credits. One of those was a “super-charged” version of the child tax credit. Beginning in July of 2021, the IRS began distributing nearly $93 billion in advance child tax credit payments to families—you’ll recall those as paper checks or direct deposits that appeared each month.
The payments were equal to 50% of the child tax credit estimated to be available to families based on information reported on their 2019 or 2020 federal income tax returns. Eligible families who did not receive the advance payments—or didn’t receive enough—could claim the full credit on their 2021 tax return during the 2022 tax filing season.
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