Senate Majority Leader Chuck Schumer (D-N.Y.) announced on July 30 that a bill to expand the Child Tax Credit would receive a vote in the Senate on Aug. 1, before the body breaks for its month-long August recess.
The Tax Relief for American Families and Workers Act would increase the refundable portion of the Child Tax Credit for the 2023 tax year to $1,800—up from $1,600 at present—with $100 increases each year for 2024 and 2025, at which the full $2,000 of the credit would become refundable. It would also allow parents to claim a credit for each qualifying child, as opposed to a single credit regardless of the number of children, and make it adjustable for inflation in 2024 and 2025.
