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Congress aims to wind down COVID-era program rife with fraud, expand child tax credit – Indianapolis Business Journal

Congress wants to end a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic. What was expected to cost the federal government $55 billion has instead cost it nearly five times that amount as of July.

A COVID-Era Program is Awash in Fraud. Congress Aims to Wind it Down and Expand the Child Tax Credit

A COVID-era program is awash in fraud. Congress aims to wind it down and expand the child tax credit

Congress eyes end to fraud-plagued tax break

Troubling Fraud in COVID-era Tax Break Program

A whistleblower has estimated that a staggering 95% of claims for a COVID-era tax break program for businesses are fraudulent. As a result, lawmakers are urgently working to wind down the program to minimize losses. The program s cost has ballooned to nearly five times the expected amount, prompting bipartisan agreement that it must be closed down. Lawmakers are proposing more rigorous oversight and penalties to mitigate fraud, aiming to use the savings to fund other business tax breaks and a more generous child tax credit.