US Child Tax Credit 2024: Who is eligible for the benefit?

The House has passed a bill that will result in the enhancement of the Child Tax Credit, thus impact low-income families the most.

The House introduced expansions to the Child Tax Credit 2024 scheme by passing a bill (The Tax Relief for American Families and Workers Act of 2024) last week. Low-income families with multiple children will find the benefits of this move to be extra relieving. The federal tax benefit works as financial aid for taxpaying families with dependent children below 17. The benefits can multiply to the extent that the credit may exponentially reduce one's tax bill.

However, this credit can't be availed by just everyone. Taxpayers must meet the eligibility criteria that lay out several checkpoints. Here's what the CTC expansion would mean for qualifying families.