A person briefed on the talks said the total cost of the package is likely to range between $50 billion-to-$80 billion, though they added that negotiations were ongoing and the amount wasn’t final. Democrats are looking to expand the Child Tax Credit by bumping up the portion that families can receive as a cash payment if they don’t owe any more money to the IRS. (Currently, only $1,600 of the $2,000-per-child credit can be claimed as cash).

Wyden said he believed that Jan. 29 — the start of tax filing season — amounted to a deadline to have the changes reach President Biden’s desk.

The $1,600 refers to the Additional Child Tax Credit, the refundable component of the Child Tax Credit. Its value is $1,600 for the 2023 tax year and $1,700 for the 2024 tax year.

While the 2023 tax year has ended, legislation may apply retrospectively.

This will resolve TRUE if the US enacts legislation to raise the Additional Child Tax Credit to $2,000 by the end of January 2024.