Internal Revenue Service Commissioner Danny Werfel told lawmakers on Capitol Hill Thursday that his agency is “poised to move quickly” on a bipartisan tax bill that would temporarily expand the child tax credit and revive several corporate tax breaks.
The U.S. House of Representatives voted overwhelmingly Wednesday evening to assist low-income families through an expansion of the child tax credit and the bill now awaits approval in the Senate. But some organizations are also highlighting a separate tax credit for child and dependent care, which they say is not providing adequate assistance to families and providers amid rising costs.
The U.S. House voted overwhelmingly Wednesday to approve a $78 billion tax package that would expand the child tax credit and reinstate some tax incentives for businesses.
Leading members of Congress released a bipartisan, bicameral tax proposal Tuesday, promising a middle-path deal to help low-income families and provide incentives for businesses as Trump-era tax breaks expire.
At the beginning of 2021, Congress directed the IRS to send families monthly prepayments of up to half of their total anticipated 2021 child tax credits.