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American Family Act: New Child Tax Credit Rules

This act significantly changes the child tax credit, making it fully refundable and increasing its amount, especially for younger children. This means more families will be able to benefit from this credit, receiving financial support, and even monthly advance payments.
Key points
The child tax credit becomes fully refundable.
Increased credit amount to $3,000 per child aged 6 and older, and $3,600 per child under 6 years of age.
Introduction of monthly advance payments for the child tax credit.
The credit covers qualifying children who have not attained 18 years of age.
Introduction of an additional credit of $500 for other qualifying dependents (non-children).
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Additional Information
Print number: 117_HR_928
Sponsor: Rep. DeLauro, Rosa L. [D-CT-3]
Process start date: 2021-02-08