The Child Tax Credit (CTC) is a tax credit for parents and guardians of children under the age of 17. The CTC was first introduced in 1997 and has been expanded and modified several times since then. The most recent expansion of the CTC was in 2021, when the American Rescue Plan Act increased the credit amount and made it fully refundable.
The CTC is a valuable tax break for families. It can help to offset the cost of raising children and reduce the tax burden on working families. The CTC is also an important tool for reducing child poverty. Studies have shown that the CTC has a significant impact on reducing child poverty rates.
