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Legislators in the House of Representatives pushed a bill forward that seeks to restore a COVID-19-era tax break for American families.

U.S. Representatives Rosa DeLauro, D-Conn., Suzan DelBene, D-Wash., and Ritchie Torres, D-N.Y. recently introduced the American Family Act of 2023, which, if passed, would restore the expanded, monthly Child Tax Credit (CTC) to parents and kids across the U.S. 

"When we expanded and improved the Child Tax Credit in 2021 under the American Rescue Plan, it provided unprecedented economic security for American families," DeLauro said in a statement. "It was the largest tax cut for middle-class and working families in generations."   

Eligible taxpayers received monthly payments of up to $300 per child under President Joe Biden's American Rescue Plan to provide families with financial and economic relief during the COVID-19 pandemic. Families that qualified for the payments but did not receive them in advance could claim the full credit on their 2021 tax return during the 2022 tax filing season.

This year, however, the tax credit returned to 2019 levels. So filers that qualified for a $3,600 per dependent in 2021 got a credit of $2,000 in 2022 for each qualifying child under age 17, or less, depending on their income.

"In 2021 alone, the expanded Child Tax Credit reached more than 61 million children and lifted nearly four million of them out of poverty," Torres said in a statement. "No government program has impacted so many Americans in such a short amount of time."

If you are struggling without the expanded CTC payments, a personal loan could help you pay down debt. If you're interested in this option, you can visit Credible to compare multiple lenders at once and choose the one with the best interest rate for you.

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