Senator Banks introduces bill to expand child tax credit

WASHINGTON (WANE) – Senator Jim Banks (R-Ind.) introduced a bill last week that would expand the child tax credit, including a new one for pregnant women, in an effort to support families.

The Family First Act would increase the credit to $4,200 for kids under 6 years old and $3,000 for children older than that, according to a press release from Banks’ office. That covers up to six children per family. Another tax credit of $2,800 would go to pregnant mothers beginning at 20 weeks of pregnancy.

The credit would be fully refundable and adjusted annually for inflation. It also requires families to have an income of at least $20,000 to receive the full credit.

“Congress needs to do everything we can to help parents give their kids a shot at the American Dream,” Banks said. “My bill cuts taxes, ends marriage penalties, and streamlines benefits to support strong, working families.”

The bill also simplifies the Earned Income Tax Credit (EITC) and “eliminates unfair tax breaks like the state and local tax deduction for wealthy individuals,” according to the release.

The bill comes around the time of expired provisions from the Tax Cuts and Jobs Act.

“This fiscally responsible approach affirms the dignity of work and promotes marriage, supporting families as they build stronger and more prosperous communities for the next generation,” said Rep. Blake Moore (UT-01), who is leading the charge in the House.