BOOST Act of 2021

The BOOST Act of 2021, also known as Bill 117 HR 6051, is a piece of legislation introduced in the US Congress aimed at providing financial assistance to low-income families. The bill proposes to increase the maximum amount of the Child Tax Credit, which is a tax credit given to families with children, from $2,000 to $3,000 per child. Additionally, the bill seeks to make the Child Tax Credit fully refundable, meaning that families would receive the full amount of the credit even if they do not owe any federal income tax.

Furthermore, the BOOST Act of 2021 includes provisions to expand the Earned Income Tax Credit (EITC) for childless workers and increase the maximum credit amount for these individuals. The bill also proposes to make the EITC available to workers as young as 19 years old, as opposed to the current minimum age requirement of 25.

Overall, the BOOST Act of 2021 aims to provide much-needed financial support to low-income families and individuals, particularly those with children. By increasing the Child Tax Credit and expanding the Earned Income Tax Credit, the bill seeks to alleviate financial burdens and help lift families out of poverty.