Washington, D.C. – The U.S. Senate Finance Committee's newly released Tax Cuts and Jobs Act includes an amendment filed by U.S. Senators Dean Heller (R-NV) and Tim Scott (R-SC) that would increase the child tax credit to $2,000. The current child tax credit is $1,000, and the previous version of the Tax Cuts and Jobs Act increased the child tax credit to $1,650.
The Senate Finance Committee is expected to begin debating and marking up the Tax Cuts and Jobs Act, which includes the Heller-Scott amendment to significantly increase the child tax credit, tomorrow. Along with Senators Heller and Scott, Senators Marco Rubio (R-FL) and Mike Lee (R-UT) have also led the fight within Congress to increase the child tax credit and welcome the updated provision to allow middle-class families to keep more of their paychecks.
“Giving middle-class families the biggest tax cut possible has been my first priority in tax reform, and an enhanced child tax credit is a significant way to deliver this much-needed and overdue relief to thousands of Nevada families,” said Senator Heller. “I’m pleased the U.S. Senate Finance Committee has adopted my and Senator Scott’s amendment to increase the credit to $2,000 per child, an increase of $1,000 over current law. This change will quite literally put thousands of dollars back into the pockets of hardworking Nevadans and represents yet another step forward in making the American dream possible again for so many people.”
"We set out to ensure that tax reform would help hardworking American families, and an increased child tax credit will do just that," Senator Scott said. "As the child of a single mother, I truly can't overstate how important these dollars will be for parents across the country, be it to help buy school supplies, a new pair of sneakers or just have a night out as a family. I want to thank my colleagues for their important work on this issue."
“While I still need to see details, I welcome news from the Finance Committee that the child tax credit will be expanded to $2000. I remain committed to ensuring that tax reform provides real and meaningful relief for working American families,” said Senator Rubio.
“I am thrilled to hear that the revised Senate tax reform proposal will double the child tax credit to $2,000 per child. Details are still being worked out, and I eagerly await their release. But if true, this could provide unprecedented tax relief for working moms and dads, and a great victory for American families," said Senator Lee.