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The Child Tax Credit is a significant tax credit for those with qualified dependent children under age 17 (more on qualifications in a bit). The Child Tax Credit is a non-refundable income tax credit (with the possibility for it to become refundable through claiming the Additional Child Tax Credit). With a non-refundable credit, if your credit exceeds your income tax liability, then you wonât get a refund for the difference.
Here are some important facts about the Child Tax Credit: 1  The Child Tax Credit is intended to offset the many expenses of raising children. 2  The Child Tax Credit can be worth as much as $1,000 per child for 2016 and later Tax Years. For 2016, the Child Tax Credit is at least partially refundable if you had an earned income of more than $3,000 (see the Additional Child Tax Credit). This refundable portion of the credit will expire at the beginning of 2017 for tax rates 15% and higher.