The debate over The One, Big, Beautiful Bill continues as both houses of Congress work to hammer out their differences. In May, the U.S. House passed its version. It includes an increase in the Child Tax Credit (CTC) to $2,500 (from $2,000). The Senate Finance Committee (SFC) recently released its version of the bill, which proposes to raise the CTC to $2,200. Both versions maintain the requirement for taxpayers to provide their Social Security numbers (SSNs) and their children’s SSNs on tax returns. Next steps: In order to be enacted, the bill must pass the full Senate before being sent back to the House for another vote. We’re keeping an eye on the progress so we can keep you informed.
Our Blog 