Child Tax Credit

Proposed Enhancement of the Child Tax Credit

The House Ways and Means Committee overwhelmingly approved the “Tax Relief for American Families and Workers Act of 2024” by a 40-3 vote.

Under the new law, the refundable portion of the child tax credit will gradually increase over the years 2023-2025, offering more financial assistance to families. And starting in 2024, the child tax credit will be adjusted for inflation to keep up with the rising cost of living.

Chairman Smith touted it as a “Pro-Growth, Pro-Worker, Pro-American” tax bill.

After clearing the committee, the bill is now expected to receive full floor consideration in the House.