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Increased Child Tax Credit: More Money for Families

This bill significantly increases the child tax credit to $5,000 and makes it fully refundable, meaning even families with no income can receive it. It also removes income limitations, allowing more families to benefit from this credit, which could improve their financial situation.
Key points
The child tax credit will increase from $1,000 to $5,000 per child.
The credit will be fully refundable, meaning families can receive the money even if they don't pay taxes.
Income limits will be removed, making the credit available to all families regardless of their earnings.
The changes will apply to tax years beginning after December 31, 2024.
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Status:
Introduced
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Additional Information
To amend the Internal Revenue Code of 1986 to increase the amount of the child tax credit, to make such credit fully refundable, to remove income limitations from such credit, and for other purposes.
Print number: HR 1425
Sponsor: Rep. Mackenzie, Ryan [R-PA-7]
Process start date: 2025-02-18