HOUSE PASSES MEASURE TO EXPAND CHILD TAX CREDITS, INCLUDING GUAM RESIDENTS

FOR IMMEDIATE RELEASE- JANUARY 24, 2024

HOUSE PASSES MEASURE TO EXPAND CHILD TAX CREDITS, INCLUDING GUAM RESIDENTS

(Washington D.C.) Delegate James Moylan is excited to announce that HR 7024, The Tax Relief for Working Families Act, passed the House of Representatives late Wednesday night. What is significant is that the measure expands the Child Tax Credit (CTC) program for qualified families in Guam. The expansion would continue the CTC beyond the taxable year of 2022 and, based on inflationary measures, would increase the credits per child to $1,800, $1,900, and $2.000 for taxable years 2023, 2024, and 2025, respectively.

“This is a huge win for working families in our community. Our office has been monitoring the movement of HR. 7024 since it was placed in the Rules Committee for discussion and had numerous conversations with both the committee staff and the author, Representative 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,” stated Delegate Moylan. While the measure still needs to go through the legislative process in the Senate and then the White House, with the bi- partisan support that it received, we are certainly hopeful. 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,” added Delegate Moylan.

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