The GOP's tax overhaul bill doubles the current child tax credit from $1,000 to $2,000 per child under age 17, and allows parents to receive up to $1,400 as a refund, if the credit is larger than their federal income tax liability. The refundable part of the credit was increased from $1,100 to $1,400 after Senator Marco Rubio threatened to vote "no" on the bill, unless it included a more generous child tax credit. Currently, the child tax credit is $1,000 and only partially refundable. The GOP's bill does away with the deduction for personal exemptions, which could offset the benefit of the beefed up child tax credit for some families. The compromise bill preserves the Child and Dependent Care Tax Credit and the Adoption Credit, which had been eliminated in earlier versions of the legislation.

Source: CNN December 16, 2017 17:48 UTC