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Expanded Child Tax Credit 2024: Hefty $78B Allocated For Child Tax Expansion!

Photo from CNBC News

The House greenlights a $78 billion bipartisan tax package, showcasing rare unity with a 357 to 70 vote. The bill, heading to the Senate, proposes a temporary expanded child tax credit 2024 and reinstates crucial business tax benefits.

Expanded Child Tax Credit 2024: Hefty $78B Allocated For Child Tax Expansion! (Photo from Money)

Expanded Child Tax Credit 2024 Boosts Low-Income Families

The package, championed for bipartisan support, targets low-income families, potentially lifting half a million children out of poverty. The enhancements aim to make the credit more accessible, benefiting over 80% of families who currently don’t receive the full amount.

Republicans express concerns about potential disincentives to work and undocumented immigrants claiming credits. However, proponents assure that the deal maintains a $2,500 minimum earnings threshold and the necessity of Social Security numbers for eligible children.

Some Democrats, like Rep. Rosa DeLauro, express dissatisfaction, calling for broader access to the credit for families with little to no income.

READ ALSO: 2024 Tax Refund: Discover When Your IRS Money Is On Its Way!

Expanded Child Tax Credit 2024 Restored Business Tax Benefits Temporarily

The bill not only addresses child tax credits but also temporarily reinstates business tax benefits from the 2017 Tax Cuts and Jobs Act. This includes immediate deductions for research investments, equipment, and relief for companies affected by disasters.

The agreement aims to boost low-income housing through enhanced Low-Income Housing Tax Credits. Additionally, it accelerates the deadline for filing backdated claims for the Employee Retention Tax Credit, saving taxpayers over $78 billion.

READ ALSO: FAFSA 2024: Simplified Process And Increased Opportunities

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