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1 1 (December 6, 2021)

handle is hein.crs/goveeyf0001 and id is 1 raw text is: Congressional *.Research Service The Child Tax Credit in the House-Passed Build Back Better Act: Summary Table Updated December 6, 2021 On November 19, 2021, the House passed the Build Back Better Act (BBBA; H.R. 5376). BBBA would extend the 2021 expansion of the child credit for one year-2022-and would permanently make the credit fully refundable beginning in 2023. As a result of these changes, many taxpayers in 2022 would continue to receive a monthly benefit of up to $300 per young child (0-5 years old) and up to $250 per older child (6-17 years old). Other aspects of the proposed credit in 2022 would be similar to those in effect for 2021. The House-passed BBBA child credit provisions differ from those in the legislation as it was initially reported by the House Budget Committee on September 27, 2021. Major differences include: The 2021 expansion of the child credit (and advance payments) would be extended for one year under the House-passed BBBA-2022-as opposed to extended for four years (through the end of 2025) under the House Budget Committee reported bill. (Monthly determination of eligibility and modified administration of the advance payments that was included in the September 27 bill is not included in the House-passed bill.) Advance payments of the 2022 credit would generally only be issued to taxpayers with incomes under $150,000 if married filing jointly or income under $112,500 if a head of household filer under the House-passed bill, as opposed to the House Budget Committee reported bill. The 2022 child credit parameters would not be indexed for inflation under the House- passed bill, unlike the House Budget Committee reported bill, which included an indexing provision. The House-passed bill includes $3.9633 billion for IRS administration of the credit, and $1 billion to support efforts to increase enrollment among eligible nonfilers (both amounts would be available through September 30, 2026). In the House Budget Committee reported bill, these amounts were $9 billion and $1 billion, respectively. Major changes to the child tax credit made by the House-passed BBBA are summarized below in Table 1. Table 1 is not a comprehensive accounting of every change included in the House-passed BBBA, nor Congressional Research Service https://crsreports.congress.gov IN11786 CRS INSIGHT Prepared for Members and Committees of Congress