This is effectively more economic stimulus, around $79 bln in tax benefits:
- makes it easier for more families to qualify for the child tax credit, while increasing the amount from $1,600 per child to $1,800 in 2023, $1,900 in 2024 and $2,000 in 2025
- bill also includes some revived tax cuts for businesses, like research and development deductions
The legislation passed the House in a 357 to 70 vote, far surpassing the two-thirds majority it required. In the sharply divided world of US politics this is a near landslide in favour.
The measure now heads to the Senate.
