The House of Representatives on Wednesday passed a bipartisan tax bill that would expand the child tax credit through 2025 and could have implications for taxpayers as early as this year.
The $78 billion package wouldn't go so far as reviving the expanded child tax credit families were able to claim as part of the Covid-19 pandemic response.
But it would raise the maximum refundable tax break to $1,800 per child for tax year 2023, up from $1,600.
If the bill passes the Senate soon, families filing their 2023 taxes in the coming weeks could claim the expanded credit.
That means eligible families could see an average $680 break this tax season, according to an Urban-Brookings Tax Policy Center projection.
Organizations:
Urban, Brookings Tax