OHIO — As tax filing season begins, parents may end up getting more money back than they initially expected.

What You Need To Know

  •  The Tax Relief for American Families and Workers Act of 2024 is looking to increase Child Tax Credit benefits 

  •  The bill looks to increase the amount some people get back on their tax returns 

  • The bill is waiting to be voted on by the Senate 

That is because Congress is considering a change to the Child Tax Credit. Under the current plan, any parent of a child younger than 17 who makes between $2,500 and $200,000 per year can qualify the credit. They’ll earn anywhere between $1,600 and $2,000 per child. 

But under a bill passed by the House, families would receive at least $1,800 for the 2023 tax season. The new bill would also loosen the criteria for who is eligible.

“They want to increase the eligibility to lower income, middle-income families that would qualify for the credits, the raising the threshold So more people qualify,” said Bill Hesch, a CPA with William Hesch Law Firm.

The bill now awaits a vote in the Senate. In the meantime, tax experts we spoke with suggested parents wait a few weeks before filing their taxes to see if the changes take effect. The tax deadline is April 15.

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