On Tuesday morning, Congress agreed to increase the child tax credit (CTC) and restore business deductions that were removed to finance the 2017 Tax Cuts and Jobs Act’s lower corporate tax rate.
The CTC extension would reinstate corporate deductions for capital investments, interest payments, and costs associated with research and development while raising the maximum credit per child from $1,600 to $2,000 through 2025.
A bipartisan group of senators unveiled an approximately $78 billion tax proposal to increase cash for disaster assistance and affordable housing, reinstate key company tax advantages, and improve the child tax credit. But passing the agreement will be difficult.
The revised package eliminates the penalty for larger families. It increases the credit’s refundability over several years, making it possible for more lower-income families to claim it. Beginning in 2024, the tax credit would be modified to account for inflation.
Republicans might be hesitant to support the child tax credit expansion and hand the Biden administration what it would perceive as a significant victory going into the presidential contest. However, the agreement also includes certain reinstated company tax breaks, which would persuade Republicans to support its prompt ratification.
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