CNA Staff, Jan 24, 2024 / 12:00 pm
The leader of the U.S. bishops’ domestic justice committee this week praised a pending congressional plan for an enhanced child tax credit for taxpayers, calling it “exactly the sort of policy” on which lawmakers should be focused.
Archbishop Borys Gudziak of the Ukrainian Archeparchy of Philadelphia said in a Wednesday statement that the recently proposed modification to the tax credit “makes meaningful progress” toward helping low-income families.
The federal child tax credit allows parents and guardians to claim their dependent children on their tax forms, granting a tax break of up to $2,000. Up to $1,600 of that credit may be “refundable,” meaning taxpayers can receive cash payments for the credit.
A bipartisan deal currently in the works in Congress would increase the refundable portion of the payment to $1,800 in tax year 2023, $1,900 in tax year 2024, and $2,000 in tax year 2025. As well, the measure “would adjust the $2,000 value of the child tax credit for inflation in tax years 2024 and 2025.”