The House of Representatives ‘passage of the Build Back Better Act brought some Americans’ monthly payments in 2022 closer to reality.
President Joe Biden’s Build Back Better Act extends the expanded child tax credit, which is currently paid in monthly installments, until the end of 2022. However, at a price of $ 2,000 billion, it faces to an uphill battle in the Senate, but if passed it would mean eligible Guardians could continue to receive monthly checks for another year.
When Congress passed the US bailout in March, lawmakers increased child tax credit payments to $ 3,600 for eligible children under age 6 and to $ 3,000 for children under the age of 6. 6 to 17 years old. He also revamped the way Americans received credit. Instead of a lump sum after someone filed their taxes, many Americans received half of their estimated credit in monthly payments of $ 300 for each child under 6 and $ 250 for everyone else. eligible children.
These payments are expected to end in December, but they will be extended if the Senate passes Build Back Better. Instead of receiving half of the credit in monthly payments and the other half after someone has filed taxes, the Build Back Better Act would change the system to allow people to receive their full credit in monthly payments.
While not exactly a stimulus check like the many three Americans received during the pandemic, Stephanie Bonin, the creator of a Change.org petition for monthly payments of $ 2,000, still considers it like a victory.
“Yes, it’s not a monthly stimulus check with those words, but it’s a monthly check for almost 90% of families with children,” Bonin said previously. News week. “It looks a bit like potatoes, poh-tah-toes because the petition was asking for money that we can count on.”
Bonin moved the focus of his petition from blanket monthly stimulus checks to the child tax credit and encouraged petitioners to share their support for the child tax credit with their representatives.
To be eligible for advance payments of the Child Tax Credit, the dependent must be a son, daughter, foster child, adopted child, brother, half-brother, half-sister or a descendant of one of them. The person claiming the child must have filed a 2019 or 2020 income tax return or used the non-filers tool on the Internal Revenue Service website.
In addition to extending the length of time people will receive monthly payments, the Build Back Better Act also extends who is eligible for payment. Current law allows parents who do not have a social security number to receive payment if their eligible child has a social security number. This includes children born in the United States but whose parents are undocumented.
However, if the Build Back Better Act is passed by the Senate in its current form, it would strike this requirement off the record to make children eligible even if they do not have a Social Security number.
Democrats are seeking to pass the Build Back Better Act, a signature of Biden’s presidency, through a method known as reconciliation. This would allow them to bypass Republicans, but requires a completely unified Democratic caucus.
Senators Joe Manchin and Kyrsten Sinema did not sign the bill and without them it is doomed in the Senate as it is unlikely to win the support of Republicans. Senate Majority Leader Chuck Schumer said Democrats would try to negotiate with Sinema and Manchin for a “very strong and bold Senate bill.” His goal is to finish the bill by Christmas.
If this is not successful, the last monthly payments of the Expanded Child Tax Credit will be sent out on December 15 and the payments will revert to $ 2,000 per child in 2022.