Changes to several tax credits and contributions.
|Economic Impact Payments||None – No economic impact payments to individuals||3 Rounds of Economic Impact Payments to Individuals in 2020 - 2021|
|Child Tax Credit||$2,000 per qualifying child under up to age 16||$3,000 per child, $3,600 for under age 6, include age 17, plus advance payment of half the amount Jul – Dec 2021|
|Child and Dependent Care Assistance Credit||Nonrefundable (i.e., limited to tax liability). Max credit percentage dropped to 35%. Full credit available to taxpayers with AGI of $15,000 or less||Refundable tax credit. For 2021, max credit percentage was 50%; full credit available to taxpayers with AGI of $125,000 or less|
|Earned Income Tax Credit||Credit percentage for childless earners reverts back down to pre-pandemic rates (7.65%), and ceiling of earned income is lower ($7,320)||The credit percentage was increased for Childless income earners (15.3%) – maximum credit was larger and ceiling for eligible earned income was higher($9,820)|
|Charitable contributions for non- itemizers||No above the line deduction- only itemized deduction||$300 above the line deduction (2020) increased to per person in 2021 ($600 MFJ)|
|Employer Provided Child Care||$5,000 in employer provided childcare is excluded from income (Cafeteria Plan)||$10,500 employer provided childcare is excluded from income (Cafeteria Plan)|
|Healthcare Premium Tax Credit||Reverts to pre- pandemic rules. Eligibility is based on household income relative to the federal poverty limit||Health Insurance premium credit expanded to include individuals receiving unemployment compensation|