Child Tax Credit Changes

[IGMR Admin]

New thread.

The FB conversation is getting hard to follow in so many threads. This is what we know about the changes to CTC.

UPDATE 1/31 6:00pm: Votes passed in The House of Representatives. Now it moves on to the Senate. It is still NOT a law. If it is even passed in both chambers of Congress, IRS still has to implement it.

Please read this for updates, then join the conversation here.

https://igotmyrefund.com/child-tax-credit-changes/

[disgusted_this_year]

https://nlihc.org/resource/house-passes-bipartisan-tax-bill-without-lihtc-reforms

[Rhi]

Any updates on when it will get to senate for voting?

[jemar707]

UPDATE from 1/31 6:00pm: Votes passed in The House of Representatives. Now it moves on to the Senate. It is still NOT a law. If it is even passed in both chambers of Congress, IRS still has to implement it.

[jemar707]

@Amerie: according to the IRS Commissioner’s statement they will send the difference and taxpayers will not have to do anything.

https://abcnews.go.com/Politics/house-vote-bipartisan-tax-bill-expand-child-tax/story?id=106826071

[Amerie]

I have 4 children
12,8,6 and 4 ..if they increase the child tax credit will then be sending the difference or will I have to wait until next year to get it 🤷🏽‍♀️ because I already filed

[jemar707]

@monee Keep us updated with what you find! Let’s watch the Senate!

[IGMR Admin]

The House bill passed at around 6 pm. We need to be careful about saying the CTC passed without clarifying that it was just a bill in The House. The news doesn’t even do a good job at this. Both chambers of Congress need to pass for the changes to become law. After that the P needs to sign (I have no doubts he won’t) and then the next hurdle is IRS implementing how it will be applied.

Let’s all keep in mind, that the bill is not an increase to the CTC. It is an increase to the amount that is refundable. The calculation for multiple children is significantly changed, but not for 1 dependent. So if someone is already receiving max refundable with 1 dependent, they will see no change.

Further, once it reaches the Senate, it could be changed and marked up with more changes… before ever going to the Senate floor.

Just trying to set expectations.

Please read this article below (our link), bookmark it, and follow for updates where I will post them. I have watched the House floor live for three days… now it’s on to stalk the Senate.

https://igotmyrefund.com/child-tax-credit-changes/

[RazorLeaf]

https://www.cnn.com/2024/01/31/politics/house-vote-tax-bill-child-tax-credit/index.html

“House passes bipartisan tax bill that expands child tax credit “

[Monee]

The house is supposed to be voting tonight. I hope they don’t let us down

[Author]

Replies