Before the end of this year, millions of American families could benefit from the revised version of the child tax credit. This is thanks to a group of senators wanting to bring back monthly payments. (source)
At the White House Conference on hunger, nutrition and health, President Joe Biden called the amended CTC, "one of the most effective programs" the country has ever seen. (source)
According to the new Census records, poverty was reduced by over 40 percent with the help of the CTC. (source)
Despite the good that was done, the last monthly payments went out in December as the program was not extended. (source)
Senators Michael Bennet, Sherrod Brown, Cory Booker and other lawmakers wants to see the credit extended by 2022 year end.(source)
According to a report by CNBC, there is great positivity about bringing back the payments as part of the November elections year-end tax deal. (source)
Changes
The original tax credit increased to $3,000 from $2,000 per child over the age of six. Children under the age of six saw an increase to $3,600 from $2,000. The age limit was also changed to 17 from 16 years old. President Joe Biden approved these changes by signing the American Rescue Plan in March of 2021. (source)
To be eligible for the full payments, couples must make less than $150,000 and single parents must make less than $112,500. (source)
Qualified families may be able to claim the outstanding half when filing their 2021 tax return. (source)
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