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House bill makes child tax credit fully refundable, a boon for low earners
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cnbc.comThe House of Representatives passed legislation Friday that would make the child tax credit fully refundable on a permanent basis, a change that would be of particular significance for low-income families.
The Build Back Better Act, which Democrats passed by a vote of 220-213, would also preserve some temporary enhancements to the credit for a year, through 2022.
The American Rescue Plan, which President Joe Biden signed in March, made the tax credit for parents fully refundable. That means low earners would get the full value of the credit regardless of their income or tax liability.
The $1.75 trillion House legislation would make this a permanent feature of the tax code — which experts say would especially help lower-income parents and
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