Refundable Amount of Child Tax Credit Increased for Tax Year 2008

The refundable amount of child tax credit is increased for tax year 2008. Prior to the passage of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, it was refundable to the extent of 15% of the taxpayer's earned income in excess of $12,050. For tax year 2008 ONLY, it is refundable for earned income in excess of $8,500.

In 2009, the amount will change to a different threshold, which is set by statute.

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