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House Passes New Child Tax Credit

House Passes New Child Tax Credit

February 14, 2024

Over the last week or so, I've seen multiple headlines celebrating a new child tax credit— just one part of a larger $78 billion tax package recently passed by the House of Representatives.1

Undoubtedly, this could be great news for American families, with some projecting the credit to lift as many as 400,000 children above the poverty line. However, like all legislative bills, this one has a few more hoops to jump through before becoming law.2

A vote has yet to be scheduled for the Senate, and while the House successfully moved the bill forward, it may face an uncertain path in the Upper House. Even then, the President must sign the tax package into law before America's citizens can benefit.

In short, this bill would be beneficial, but it's a bit early to celebrate.3

Having said that, I'm keeping a close eye on this tax package and the Child Tax Credit. If this bill does become law, we'll be ready to take advantage of the portions that may benefit you.

In the meantime, if you have any questions about the above or how it may (or may not) impact your established financial strategy, just let us know.

1. CBSNews.com. February 3, 2024. "House approves expansion for the Child Tax Credit. Here's who could benefit."
2. Cbpp.org, February 5, 2024 "House-Passed Bipartisan Tax Bill’s Child Tax Credit Expansion Would Especially Help Children Living in Rural Areas."
3. This email is for informational purposes only and is not a replacement for real-life advice. Consult your tax, legal, and accounting professionals before modifying your tax strategy.