[20220207]IN11851_影响扩大儿童税收抵免成本的因素.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Factors Affecting the Cost of Extending the Expanded Child Tax Credit February 7, 2022 As Congress has considered legislation extending the expanded child credit, questions have arisen about the potential budgetary effects of such legislation and the factors that affect its projected cost. The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) provide Congress with information about the projected budgetary effects of specific legislative proposals, typically in the form of cost estimates. These estimates are required to measure the budgetary effect of a legislative proposal in relation to projections of revenue and spending levels that are assumed to occur under current law, typically referred to as the current-law baseline. Changes to refundable tax credits can affect both revenue and outlays. The portion of a refundable tax credit that reduces taxes owed (i.e., reduces positive tax liability) is scored as a decrease in revenue, while the portion of the credit that is greater than taxes owed (i.e., increases negative tax liability) is scored as an increase in outlays. A variety o