President-elect Joe Biden's American Rescue Plan expands the Child Tax Credit to include $3,600 yearly benefits for families with children under the age of 6.
The child and dependent care tax credit will also be expanded, covering half the cost of childcare up to $4,000 for one child.
In addition, this credit will be "fully refundable," meaning that taxpayers will get a refund check even if the tax credit is greater than their tax liability.
"We are facing an acute, immediate child care crisis in America, which is exacerbating our economic crisis," Biden said in a statement.
As with the Child Tax Credit, this credit will be fully refundable, as well, further assisting low-income families.
Joe Biden's, Biden, Sen, Michael Bennet of Colorado, Bennet
Child, Child Tax, Poverty, Columbia University, Wall Street
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