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When:
January 01, 2002

Who it Affects:
For all taxpayers with children under age 17
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2002 Tax Law Changes
The child tax credit holds steady at $600

The Tax Relief Act of 2001 increased the maximum amount of the credit for 2001 to $600 per child under age 17, from $500 in 2000. The credit remains at that level until 2005 when it rises to $700. The new law gradually increases the size of the credit until it hits $1,000 in 2010.

The child tax credit is now refundable for up to 10% of your earned income over $10,000. That means that you may qualify for the credit even if you owe little or no income tax.