Child Tax Credit

The Child Tax Credit (CTC) is a refundable tax credit for eligible taxpayers who have children under the age of 17. The amount of the credit depends on the number of qualifying children and the taxpayer's income. The CTC is fully refundable, meaning that even if the taxpayer does not owe any taxes, they can still receive the credit.

The CTC is one of the most important tax breaks for families with children. It can help families offset the cost of raising children, and it can also provide a much-needed financial boost. The CTC is also an important tool for reducing child poverty.

The CTC was expanded in 2021 as part of the American Rescue Plan Act. The expansion made the credit more generous and made it available to more families. The expansion also made the credit fully refundable, which means that even if a family does not owe any taxes, they can still receive the credit.

The CTC is a valuable tax break for families with children. It can help families offset the cost of raising children, and it can also provide a much-needed financial boost. The CTC is also an important tool for reducing child poverty.

The CTC is scheduled to expire in 2022. However, there is bipartisan support for making the credit permanent. If the CTC is made permanent, it would provide a significant financial benefit to families with children.