Child Tax Credit – Will it Go Beyond This Year?
Let’s talk the child tax credit. As of now the child tax credit expansion only applies to this year. Now, that does have the possibility of changing in the future. Some congressional Democrats would like to see this enhancement made permanent. It’s touting the impact of a higher and fully refundable child credit would have on reducing child poverty in the United States. And that’s what Biden’s trying to do. He’s trying to get a certain percentage of the American population out of a poverty level status. So we’re not having issues with children going hungry, children not being able to keep roofs over their heads and stuff like that.
So it’s in Congress and we don’t have an answer yet. I will keep you up to date as those developments change and see what these guys, these bipartisan people do. They have introduced the bill to the House and did the Senate to make this permanent. And what it would do, it would be a fully refundable higher credit of $3,000 per child, $3,600 per child under the age of six, and the advanced payments would be still considered. And then, like I said, depending on your threshold of your AGI, it would either be paid back or not. But like I said, I’ll keep you posted on all of that fun information as our illustrious government tries to battle these issues out.
To learn more or if you would like clarification on the child tax credit and if it will go beyond this year please give us a call at 760-994-8874 send us an email at [email protected] or contact us here.
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