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1 1 (November 1, 2021)

handle is hein.crs/goveesq0001 and id is 1 raw text is: Congressional Research Service The Child Tax Credit in the October 28 Modified Version of the Build Back Better Act: Summary Table November 1, 2021 On October 28, 2021, the House Rules Committee posted a modified version of the Build Back Better Act (BBBA; H.R. 5376) that reflected the Biden Administration's framework. This modified bill would extend the 2021 expansion of the child credit for one year-2022-and would permanently make the credit fully refundable beginning in 2023. As a result of these changes, many taxpayers in 2022 would continue to receive a monthly benefit of up to $300 per young child (0-5 years old) and up to $250 per older child (6-17 years old). Other aspects of the proposed credit in 2022 are similar to those in effect for 2021. This proposal extends and modifies the 2021 expansion of the child tax credit enacted under the American Rescue Plan Act of 2021 (ARPA; P.L. 117-2). At the end of September 2021, the House Budget Committee reported the BBBA (H.R. 5376), which would have effectively extended the ARPA-expanded credit through the end of 2025 and permanently made the credit fully refundable. (That proposal's changes to the child credit are summarized here.) The modified legislation (released October 28) is similar to the child credit provisions in the House Budget Committee reported BBBA (reported on September 27). Major differences include the following: The 2021 expansion of the child credit (and advance payments) would be extended for one year under the October 28 legislation-2022-as opposed to through the end of 2025 under the House Budget Committee reported bill. Advance payments of the 2022 credit would generally only be issued to taxpayers with incomes under $150,000 if married filing jointly or income under $112,500 if a head of household filer under the October 28 legislation, as opposed to the House Budget Committee reported bill. The 2022 child credit parameters would not be indexed for inflation under the October 28 legislation, unlike the House Budget Committee bill, which included an indexing provision. Congressional Research Service https://crsreports.congress.gov IN11786 CRS INSIGHT Prepared for Members and Committees of Congress

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