Quietly tucked into the $1.9 trillion stimulus bill that Congress passed on Wednesday is a giant expansion of child and childcare tax credits, to which parents everywhere are saying Hallelujah! and About #*$@ing time and Wait, America no longer expects me to come up with a quarter-million per kid? Really?
The program is a huge increase over the long-standing U.S. tax credits for children and—pivotally—makes the credits fully available to both low-income households and households that might owe less in taxes than the credit amounts.
The bill is now heading for President Joe Biden’s desk. He’s expected to sign it Friday. Here’s what parents can expect: