The expanded Child Tax Credit program was noticeably excluded from the $1.7 trillion spending bill. However, lawmakers are still striving for the program to be included by the end of 2022, says Beckman.To date, lawmakers are still striving to push for the $1.7 trillion spending bill to be approved by the end of 2022. This spending bill includes a lot of provisions such as funds to be set aside for defense, emergency assistance for Ukraine, restructuring of Medicaid and other healthcare programs, and the Secure 2.0 program which is intended to help retirees. However, the expanded Child Tax Credit was noticeably excluded from the bill.
Renewal of the Child Tax Credit program would definitely help families bear the rising costs of living. Most families struggle with inflation this year and had amassed debt on credit cards and given up certain expenses to survive. Fortunately, lawmakers are still striving to push for the Child Tax Credit program to be renewed. However, disagreements regarding the renewal have surfaced. Some lawmakers demand that the program have a minimum earnings requirement. Others, on the other hand, argue that this provision will hinder families who need the tax credits the most from being able to claim them.
What is the Child Tax Credit program?
In 2021, the Child Tax Credit program increased the maximum credit value per child from $2,000 to $3,000 for children ages 6 to 17. For children below 6, the maximum was $3,600. The credit also became fully refundable which means that recipients could claim the credits in full even without tax liabilities. Half of the Child Tax Credits were issued to recipients monthly and were received in bank accounts from July to December, as reported by Beckman.