The U.S. President Biden included in his 2024 budget proposal the renewal of the expanded Child Tax Credit 2023. Reports say Biden pushes for the tax benefits to be brought back to the same level as it was under the American Rescue Plan Act 2021.During the announcement of the U.S. President Joe Biden’s budget proposal for the fiscal year 2024, he included several initiatives to help American families. These initiatives included the renewal of the expanded Child Tax Credit 2023.
According to Jain, Biden pushed for the expanded Child Tax Credit to be brought back to the same level as it was under the American Rescue Plan Act 2021. This means that Biden wants to increase the current Child Tax Credit limit of $2,000 per eligible child to $3,600 per child aged below 6 and $3,000 per child aged 6 or above.
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Other Plans for Child Tax Credit 2023
According to Konish, apart from the renewal of the expanded Child Tax Credit 2023, Biden’s budget proposal also includes making the tax benefits fully refundable. This means that there will be a guarantee that taxpayers will be eligible for the credits even if their tax liabilities are less than the amount of the credits.
In addition, the budget proposal not only intends to renew the expanded Child Tax Credit. It also aims to distribute the payments the same way as it was under the American Rescue Plan Act 2021. This means that if the budget proposal is passed, eligible families will receive the payments on a monthly basis. The remaining payments will then be issued during the filing of the tax returns.
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