House approves expansion for the Child Tax Credit. Here's who could benefit.

The Child Tax Credit is one step closer to getting an overhaul, with the House on Wednesday approving a bill that would expand the valuable credit for parents as well as extend some business tax credits. 

The bill, called the Tax Relief for American Families and Workers Act of 2024, was approved with bipartisan support in the House, and will head to the Senate next, although a date for a vote has yet to be scheduled . 

The push to overhaul the tax benefit comes more than two years after the expiration of the expanded Child Tax Credit, which bolstered the tax credit to as much as $3,600 per child, up from its current $2,000 per child. Since that expansion expired, policymakers and anti-poverty advocates have pushed lawmakers to beef up the CTC once again, pointing to evidence that its pandemic-era expansion lifted millions of children out of poverty.