House Passes Bill , That Expands Child Tax Credit.<br />The House passed a $78 billion bipartisan <br />tax package on Jan. 31, CNN reports. .<br />It will now go to the Senate.<br />If adopted, the bill would give low-income families a bigger credit within the first year.<br />At least 500,000 children would be lifted out of poverty by the package, CNN reports.<br />The deal is not expected to largely <br />affect the federal budget.<br />It would likely decrease revenues by no more than $400 million over a decade, CNN reports. .<br />The maximum credit, after being adjusted <br />for inflation, is expected to reach <br />$2,100 per child, up from $2,000 currently. .<br />The provisions would be implemented <br />for tax years 2023 through 2025.<br />The deal would also restore some <br />business tax benefits that were originally <br />part of the 2017 Tax Cuts and Jobs Act.<br />Disaster relief funding <br />is included in the bill as well. .<br />Disaster relief funding <br />is included in the bill as well.
