The extension of the child tax credit could happen as part of President Joe Biden’s trillion dollar plan.
Lawmakers are looking to extend the child tax credit program through the end of 2022, benefitting almost 40 million households.
The proposal will extend families getting $300 per child under the age of 6 and $250 per child for children ages 6 to 17.
Before this year credits were only worth $2,000 but have increased because of the COVID relief bill.
Those who qualify for the credit are single parent families making up to $112,500 per year and household with two parents making up to $150,000 per year.
The proposal needs to be approved by Congress.
Some lawmakers would like to see it extended to 2024 or 2025.
Families started getting the first half of their future tax refunds in July and will receive the last one in December.
To qualify, families must have filed a 2019 and 2020 tax return with their dependents information on it.
If families don’t file tax returns, they can claim their credits with an online tool provided by the IRS.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].