Proposed Modifications to Child Tax Credit Aim to Benefit American Families
IRS Commissioner Pledges Swift Action on Child Tax Credit Changes
According to Finger Lakes, during a congressional hearing IRS Commissioner Danny Werfel announced the agency’s preparedness to swiftly implement approved changes to the child tax credit. This move aims to ensure the rapid distribution of tax refunds that could potentially benefit qualified U.S. taxpayers with extra funds this tax season. The announcement comes amid discussions regarding the Tax Relief for American Families and Workers Act which has passed the U.S. House but awaits approval in the Senate.
Werfel highlighted the IRS’s projected timeframe of six to twelve weeks for enacting these changes upon approval. Efforts are focused on expediting the process to the shorter end of this range. The proposed modifications aim to adjust the child tax credit calculations and potentially increasing the refundable amount per child for the tax years 2023 through 2025. This initiative underscores a significant effort to bolster support for American families by enhancing the benefits of the child tax credit.
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Higher Maximum Refundable Amounts Per Child Proposed to Assist Families
While the current version of the child tax credit is narrower than its predecessor under the 2021 American Rescue Plan Act the proposed revisions under the Tax Relief for American Families and Workers Act could still provide substantial aid to qualifying families. Key changes include adjustments to the credit calculation methods and higher maximum refundable amounts per child. These adjustments reflect a proactive approach to adapting tax relief measures to meet the evolving needs of U.S. taxpayers.
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