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1 1 (September 22, 2021)

handle is hein.crs/goveeny0001 and id is 1 raw text is: Congressional SResearch Service The Child Tax Credit Under the House Ways and Means Committee Build Back Better Reconciliation Language: Summary Table of Changes September 22, 2021 In September 2021, the House Ways and Means Committee approved reconciliation language that would, among other changes, effectively extend the expanded child credit in effect in 2021 through the end of 2025. If these changes were to go into effect, eligible taxpayers would receive a monthly per-child benefit of up to $300 for young children and up to $250 for older children through the end of 2025. For 2022, the proposal extends the credit in effect in 2021, with some modifications that would affect its administration in certain cases. For 2023-2025, the proposal modifies eligibility rules and administration of the credit. These changes are broadly intended to allow the credit to be more portable if children move between taxpayers during the year, and limit repayment obligations in certain cases. After 2025, under current law, the credit is scheduled to return to its prior-law parameters. However, the Ways and Means language would modify current law such that the credit would permanently be fully refundable. Major changes to the child tax credit made by the Ways and Means reconciliation language are summarized below in Table 1. This is not a comprehensive accounting of every change, nor does it include specific details for every proposed change. More details on these changes are provided by the Joint Committee on Taxation (JCT). JCT estimates the cost of all the changes to the child credit included in the Ways and Means reconciliation language to be $556 billion between FY2022 and FY2031. Congressional Research Service https://crsreports.congress.gov IN11757 CRS INSIGHT Prepared for Members and Committees of Congress

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