This bill would increase the child tax credit from $1,000 to $2,000 per child, raise the income threshold for the credit’s phase-out, and increase that threshold by $15,000 for each child of the taxpayer beyond the first child. The changes would take effect in taxable years beginning after the bill’s enactment.
Specifically, the income threshold at which the credit is phased-out would be increased:
From $110,000 to $150,000 for joint tax returns;
From $75,000 to $100,000 for individual returns;
From $55,000 to $75,000 for a married couple filing a joint return.