How much you will receive and the amounts of the new child tax credit

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The House of Representatives adopted the bipartisan bill at the end of January, and the Senate’s acceptance is the final step towards making the CTC hike official. Families may get more money over the following 3 years if approved.

The maximum reimbursement amount per child will progressively rise under the proposal beginning in 2023 and continuing through 2024 and 2025 before it exceeds $2,000. The maximum recoverable amount per child for the fiscal year 2023 would stay at $1,800 under this plan. It was going to go up to $1,900 in 2024 and up to a maximum of $2,000. The amount would be modified in 2024 and 2025 in accordance with inflation indices.

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