Child Tax Credit

The Child Tax Credit is given to American taxpayers for each qualifying dependent child who is under the age of 17 at the end of the tax year. Recent tax legislation passed in December 2017 doubled the credit to $2,000 per child and made much of it refundable. Previously, it was a $1,000 nonrefundable credit.  A credit reduces the taxpayer’s liability on a dollar-for-dollar basis, intended to provide an extra measure of tax relief for taxpayers with qualifying dependents.