In a draft proposal, the IRS would deposit checks worth $ 300 per month per child under age 6 and $ 250 per month per child age 6 to 17. This would give parents $ 3,000 per year for each child aged 6 to 17, and $ 3,600 per child under 6.
The source also confirmed to CNN that House Ways and Means Committee Chairman Richard Neal of Massachusetts is directly involved in the effort to draft the expansion of the Child Tax Credit, as well as the House Tax Credits Committee chair Rosa DeLauro of Connecticut.
The drafting of the bill was first reported by the Washington Post.
Eligibility for the benefit, similar to stimulus checks, would be based on family income from the previous tax year and would be phased out at a certain amount of income, the post reported. Under the bill, families would be entitled to full monthly benefits even if they owe more in taxes than the credit worth, according to the newspaper.
A White House official did not respond to CNN’s request for comment.
Biden had previously said he wanted to expand the child tax credit and last week unveiled a $ 1.9 trillion proposal that included expanded benefits, as well as 1,400 stimulus checks and an increase in the unemployment assistance. Billed as the US bailout, the package increased many measures in the historic March 3 trillion congressional coronavirus relief bill and in December’s $ 900 billion legislation, which was reduced to gain the support of Senate Republicans.
CNN reported that Biden’s stimulus proposal already faces Republican objections, and Senate Democrats have laid the groundwork to use a rare procedural tactic known as reconciliation to pass important parts of the package if Republicans block it. Their efforts.
The White House urged patience when it comes to negotiating and pushing the stimulus package on a bipartisan basis through the regular Senate process, but Biden’s team said it was not unwilling to “remove any tool from the table”.
The current child tax credit provides up to $ 2,000 per child under 17. The credit is being phased out for lone parents with adjusted gross income over $ 200,000 and $ 400,000 for married couples.
CNN’s Tami Luhby and Katie Lobosco contributed to this report.
