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Congress has sent President Joe Biden the landmark $1.9 trillion COVID-19 relief bill.
The enhanced portion of the credit will be available for single parents with annual incomes up to $75,000 and joint filers making up to $150,000 a year.
For example, in 2021, a family with two parents earning less than $150,000 and three children under the age of 6 could receive $10,800 on top of $1,400 in stimulus payments for each eligible adult and child, totaling $17,800. It ll help with household finances. Maybe even with medical costs, and just with entertainment. Everybody s been in cooped up the house, John Barbour, a Philadelphia resident, told 6abc.
In addition, the tax credit will be refundable, which means more low-income families can take advantage of it, even if their tax bill is $0. Until now, it has only been partially refundable leaving 23 million children unable to get the full credit because their families incomes are too low.