Does the Child Tax Credit change in the new GOP tax bill?
The Republican tax bill, the Tax Cuts and Jobs Act, doubles the Child Tax Credit (CTC) from $1,000 to $2,000 for qualifying children under 17, with $1,400 of the credit being refundable. The income threshold is also raised from $75,000 to $200,000 for single parents and from $110,000 to $400,000 for married couples filing jointly.
In addition, a new non-refundable $500 credit can be claimed for dependents who are 17 or older and for non-child dependents such as adult family members with disabilities or elderly parents.
These changes go into effect beginning with the 2018 tax year.