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1 1 (May 5, 2021)

handle is hein.crs/govedfa0001 and id is 1 raw text is: Congressional *aResearch Service The Child Tax Credit: How Would the Biden Administration's Proposed American Families Plan Change the Child Tax Credit? May 5, 2021 The American Rescue Plan Act (ARPA; P.L. 117-2) temporarily expanded the child tax credit for many low- and moderate-income families for 2021. The ARPA changes to the 2021 child tax credit are discussed in detail in a previous CRS Insight. The ARPA legislative changes to the child tax credit are layered on top of other temporary legislative changes enacted as part of the 2017 law commonly referred to as the Tax Cuts and Jobs Act (TCJA; P.L. 115-97). The TCJAchanges are in effect until the end of 2025, as summarized below in Table 1. The Biden Administration has proposed as part of the American Families Plan to extend the child tax credit increases in the American Rescue Plan through 2025 and make the child tax credit permanently fully refundable. Absent any other legislative changes, this would mean that from 2022 to 2025, the ARPA expanded child tax credit would be in effect; and beginning in 2026, the child tax credit would mostly revert to its pre-TCJAparameters, except the credit would be fully refundable, as highlighted in Table 2 and illustrated in the figure at the end of this Insight. The Biden Administration has indicated that it would like to work with Congress to make all of the ARPA changes to the child tax credit permanent after 2025 (not just full refundability), a position supported by some Members of Congress. In addition, Chairman Neal of the Ways and Means Committee recently released a discussion draft of the Building an Economy for Families Act that would permanently extend the ARPA changes (as well as making further modifications). Other Members of Congress have expressed concern with the ARPAexpansion of the child tax credit. Congressional Research Service https://crsreports.congress.gov IN11656 CRS INSIGHT Prepared for Membersand Committeesof Congress

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