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The American Rescue Plan Act, which President Biden signed into law last month, significantly expands the Child Tax Credit in hopes of reducing child poverty by supplementing the earnings of the families who receive the tax credit. The law increases the amount of the Child Tax Credit from $2,000 to $3,600 for children under the age of six, and $3,000 for other children under the age of 18 through the rest of the year. Children 17 years old and younger, as opposed to 16 years old and younger, will now be covered by the credit, which has been made fully refundable, allowing low-income households to receive the full benefit no matter how much they earn.
