The Biden administration is working to hopefully extend the expanded Child Tax Credits into 2022.
The expansion this year was part of the American Rescue Plan, passed in March. This allowed families to start collecting advance payments monthly during the second half of the year.
The payments started in July and will end in Dec.
Some families that opted in last minute will see as much as $1,800 in credits.
At the moment the goal is just one year under the Build Back Better bill.
The child tax credit portion of the bill is what’s driving the Democrats to get it passed before 2022.
The bill has been passed by the House and is currently with the Senate.
If the bill is not passed, then the final payment will be Dec. 15.
What will be different if the bill passes for child tax credits in 2022?
With the new bill, if approved, instead of one half of the child tax credits going out to families for half the year, the full amount would go out monthly for the full year.
It would also keep the increase of credits in place.
The American Rescue Plan raised the credits from $2,000 to $3,600 for kids under 6 and $3,000 for kids ages 6-17.
Parents have been getting checks for $250-$300 since payments started going out.
Biden has stated that Americans that pay their taxes deserve a break, and has been working to pass the provision since summer.
The original goal was to get the credits extended until 2025.
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