On the Map - Refundable Tax Credits
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Child Tax Credit Enhancements Under the American Rescue Plan
January 26, 2021 • By Aidan Davis, Jessica Schieder
President Joe Biden’s coronavirus relief package, the American Rescue Plan, includes a significant expansion of the Child Tax Credit (CTC). The president’s proposal provides a $125 billion boost in funding for the program, which would essentially double the size of the existing federal credit for households with children. Combined with existing law, the CTC provisions in Biden's plan would provide a 37.4 percent income boost to the poorest 20 percent of families with children who make $21,300 or less a year.
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