Bill Will Also Help an Additional 3 Million Low-Income Children
The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) that passed in the U.S. House of Representatives on Wednesday, January 31 includes a $33 billion expansion of the Child Tax Credit (CTC) for the next three years. Unlike those passed in the American Rescue Plan, the CTC provisions in this tax bill exclude families with $0-2,500 in annual earnings, which will impact some of our nation’s most vulnerable residents. While we continue to advocate for all families including those that earn up to $2,500 in annual income be included in the bill, we support the expansion and continuation of the CTC.
The H.R 7024 Child Tax Credit provision would increase the credit value from $1,800 in 2023, to $1,900 in 2024, and an estimated value of $2,100 in 2025. The provision would also adjust credit per child for inflation starting in 2024 and allow families to use their prior year’s earnings to claim the tax credit. If this tax bill also passes the Senate, it is projected the CTC alone can lift as many as 400,000 children above the poverty line in the first year, and an additional 3 million children would be less poor, according to a recent report from the Center for Budget and Policy Priorities.
CLPHA’s Housing Is Initiative envisions a future where the children and youth who are growing up in public housing can thrive and no longer rely on federal supports when they are adults. Supporting families through economic empowerment with programs like the CTC will help children thrive and improve their life outcomes. We will keep our networks updated and encourage you to include support of the CTC in your advocacy efforts.