HAGÅTÑA (The Guam Daily Post) — The possible extension of the Child Tax Credit beyond tax year 2022 is one step closer to realization with the support of the House.
On Jan. 24, the House of Representatives passed HR 7024, the Tax Relief for American Families and Workers Act of 2024.
“This is a huge win for working families in our community,” Guam Del. James Moylan said in a press release.
Moylan’s office has been monitoring the movement of the legislation since it was in the Rules Committee.
“(I’ve) had numerous conversations with both the committee staff and the author, Rep. Jason Smith’s team, to ensure that Guam would remain in the final language of this measure. They always provided us with an assurance that our community would not be forgotten in the process, and today’s actions are greatly appreciated,” Moylan said.
The extension would continue the CTC beyond tax year 2022 and into 2023, 2024 and 2025.
Families filing taxes with child dependents can see increased credits per child – $1,800, $1,900 and $2,000 for the taxable years.
“While the measure still needs to go through the legislative process in the Senate and then the White House, with the bipartisan support that it received, we are certainly hopeful,” Moylan said.
He said the increases were based on inflationary measures.
“This is a program that would help many of our families deal with inflation and the challenges of the rising costs of goods and services. No parent should struggle with raising their children,” Moylan said.
James Moylan
