WASHINGTON, D.C.(KMIT)- Senator John Thune, who is a ranking member of the Finance Subcommittee on Taxation and Internal Revenue Service Oversight, this past week held a hearing assessing the effect of the Child Tax Credit, or the CTC, over the course of its 25-year history. In the hearing, Thune talked about the history of the credit and how it has evolved.

Changes to the Child Tax Credit were included in the American Rescue Plan in 2021.  Those changes have since expired, but Thune is concerned about a push by some to reinstate one change in particular.

The expanded Child Tax Credit is set to expire in 2026.  If Congress does not act, families would see their benefits revert back to 2017 levels.