Bill 119 hr 1425, also known as the Child Tax Credit Improvement Act of 2021, aims to make significant changes to the child tax credit in the Internal Revenue Code of 1986. The bill seeks to increase the amount of the child tax credit, make it fully refundable, and remove income limitations from the credit. Currently, the child tax credit provides a tax credit of up to $2,000 per qualifying child under the age of 17. However, this credit is not fully refundable, meaning that if a taxpayer's tax liability is less than the amount of the credit, they may not receive the full benefit. Additionally, there are income limitations that restrict eligibility for the credit. If passed, this bill would increase the amount of the child tax credit and make it fully refundable, ensuring that all eligible families receive the full benefit of the credit, regardless of their tax liability. It would also remove income limitations, allowing more families to qualify for the credit. Overall, the Child Tax Credit Improvement Act of 2021 aims to provide greater financial support to families with children and reduce child poverty by making the child tax credit more accessible and beneficial for all eligible families.
Bill 119 hr 1425, also known as the Child Tax Credit Improvement Act of 2021, aims to make significant changes to the child tax credit in the Internal Revenue Code of 1986. The bill seeks to increase the amount of the child t...