Joe Biden proposed increasing the child tax credit during the pandemic.
The Democratic presidential nominee is calling for increasing the credit to $3,000 per child for those ages 6 to 17. For children 5 years old and under, the credit would be $3,600. The credit would also be refundable, which means that taxpayers get the full credit even if they don’t have tax liability.
“As president, he will support a significant expansion for the Child Tax Credit for the duration of the crisis,” Biden’s website states.
House Democrats included the same provision in the coronavirus relief bill they passed in May.
It is not clear if the expansion of the credit would be on top of what Biden has already offered. Earlier this year, he proposed a child care tax credit of $8,000 for one qualifying child or $16,000 for two or more qualifying children. This credit would be refundable and completely phase out for incomes over $400,000. The Biden campaign was asked about the child tax credit as it relates to the pandemic proposal but did not respond.
Under current law, taxpayers can claim the child tax credit if they have a qualifying child under the age of 17 and meet other necessary qualifications. The maximum amount per qualifying child is $2,000, which is partially refundable, according to the IRS. The credit phases out at $200,000 for individuals and $400,000 for joint filers.
