Will the US increase the maximum 2023 Additional Child Tax Credit before the 2023 tax filing deadline?
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On January 19, 2024, the US House Ways and Means Committee approved H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill makes four changes to the Child Tax Credit (CTC), including increasing the maximum Additional Child Tax Credit (refundable portion of the CTC) beginning in 2023: from $1,600 to $1,800.
This will resolve TRUE if, by 2024-04-15 (the 2023 tax filing deadline), the US enacts legislation to increase the maximum 2023 Additional Child Tax Credit to any value above its current $1,600. If the US extends the tax filing deadline, I will extend the market accordingly.
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