Bennet, Colorado Leaders, and Advocates Celebrate Permanent Full Refundability & One-Year Extension of the Expanded Child Tax Credit in Build Back Better Act as It Advances to the Senate

Press Release

Today, Colorado U.S. Senator Michael Bennet released the statement below as the U.S. Senate prepares to consider the Build Back Better Act, which will extend the expanded Child Tax Credit (CTC) for one year and make full refundability of the CTC permanent to ensure 27 million American kids can continue to receive the benefit.

The Build Back Better Act recently passed the U.S. House of Representatives and now heads to the Senate for consideration.

"By extending the expanded Child Tax Credit and making it permanently available to nearly every child in America, Congress is finally taking steps to build an economy that works for everyone, not just the people at the top," said Bennet. "Through Build Back Better, we have an opportunity to make a historic, overdue investment in Colorado families after years of spending trillions of dollars on tax cuts for the wealthiest Americans."

Today, Treasury Secretary Janet Yellen attributed a 24% drop in food insecurity for families to the CTC, calling it "a profound economic and moral victory."

In March, President Biden signed into law a one-year expansion of the CTC, based on Bennet's American Family Act, in the American Rescue Plan Act. This expansion is projected to cut nationwide child poverty nearly in half this year and benefit 90% of American children. Over one million children in Colorado are receiving advance monthly CTC payments.

"The expanded Child Tax Credit led by Senator Bennet offers a life-changing opportunity to families across Colorado with up to $3,600 per child per year which is available through a monthly payment. This is significant tax relief that can make a dent in paying rent, buying new clothes, books, and further investing in a child's education. A one-year extension of the Child Tax Credit, while also ensuring it's available to families regardless of their tax liability, gives hardworking Colorado families more money in their pockets," said Colorado Governor Jared Polis.

"Thanks to Senator Bennet's tireless leadership, over one million Colorado children will continue to benefit from the improved Child Tax Credit for another year. And by making the tax credit permanently fully refundable, Colorado's most vulnerable families will continue to be eligible to receive the federal tax credit. This will go a long way to help parents cover groceries, rent, child care, and other monthly expenses for their families," said Colorado Senate President Leroy Garcia.

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