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1 1 (November 4, 2021)

handle is hein.crs/goveeto0001 and id is 1 raw text is: Congressional *.Research Service The Child Tax Credit in the November 3 Modified Version of the Build Back Better Act: Summary Table Updated November 4, 2021 On November 3, 2021, the House Rules Committee posted a modified version of the Build Back Better Act (BBBA; H.R. 5376). 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 new legislative text is the third version of the BBBA. On September 27, 2021, the House Budget Committee reported the BBBA (H.R. 5376), which would have effectively extended the 2021 expansion of the child credit through the end of 2025 and permanently made the credit fully refundable. (That proposal's changes to the child credit are summarized here.) On October 28, 2021, the House Rules Committee posted a modified version of this bill text that reflected the White House's framework released the same day. The November 3 legislation's child credit provisions are similar to those in the House Budget Committee reported BBBA (September 27) and virtually identical to those in the October 28 version. Major differences include the following: The 2021 expansion of the child credit (and advance payments) would be extended for one year under the November 3 legislation-2022-as opposed to through the end of 2025 under the House Budget Committee reported bill. (Monthly determination of eligibility and modified administration of the advance payments that was included in the September 27 bill is not included in the November 3 text.) 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 November 3 legislation, as opposed to the House Budget Committee reported bill. Congressional Research Service https://crsreports.congress.gov IN11786 CRS INSIGHT Prepared for Members and Committees of Congress

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