The Future of the Expanded and Advance Child Tax Credit

The expansion of the Child Tax Credit in the American Rescue Plan Act of 2021 is estimated to result in a 45% decrease in child poverty, the largest one-year decrease in American history. Biden’s American Families Plan proposes an extension to 2025 of the expanded CTC paid monthly in advance of the tax year in which the credit accrues and available to parents who have very low or no earnings. As the White House negotiates with legislators on the Hill over the details of the future of the CTC, this panel will explore the impact of the potential changes on low-income families; the interaction between the CTC and other tax credits available to low-income taxpayers; and lessons learned from the rollout of the Economic Impact Payments and the first two months of advance CTC payments. Panelists will also discuss the challenges legislators and the IRS will face in structuring and implementing the advance payment on an ongoing basis including determining eligibility, reconciliation of the credit at tax time and adjudication when multiple people claim the same child. 

Speakers
Moderator: Scott Levine, Partner, Jones Day
Jacob Goldin, Associate Professor of Law, Stanford University Law School
Elaine Maag, Principal Research Associate, Urban-Brookings Tax Policy Center
Nina Olson, Executive Director, Center for Taxpayer Rights

CLE Information
The ABA will seek 1.5 hours of CLE credit in 60-minute states and 1.8 hours of CLE credit in 50-minute states in states accrediting ABA live webinars and teleconferences. *Credit hours granted are subject to each state’s approval and credit rounding rules.

*Florida Bar regulators have stated that attorneys will not receive Florida credit for any ABA program, even if they self-apply.

More information on the Florida Supreme Court order and its impact on ABA programs can be found here:
https://www.americanbar.org/events-cle/mcle/jurisdiction/florida/
https://www.americanbar.org/events-cle/mcle/jurisdiction/florida/florida-rule-change/