An expansion of the Child Tax Credit could soon be in place.

House Ways and Means Committee Chairman Jason Smith, R-Missouri, and Senate Finance Committee Chairman Ron Wyden, D-Oregon, announced a framework for the deal last week.

Currently, households earning $200,000 or less – or $400,000 for couples – with children ages 16 and under are generally eligible for a $2,000 tax credit, but only $1,600 of that amount is refundable, meaning you can receive it as a refund even if you don’t owe any taxes, Scripps reported. Under the proposal, the refundable amount would increase to $1,800 for 2023 taxes and then another $100 in 2024 and 2025. It will also adjust the annual rate based on inflation.

“Fifteen million kids from low-income families will be better off as a result of this plan, and given today’s miserable political climate, it’s a big deal to have this opportunity to pass pro-family policy that helps so many kids get ahead,” Wyden said in a statement.

The increase would fall short, however, of pandemic-era programs that provided up to $3,000 per child under 6 years old and above and $3,600 per child under age 6, with part of the credit payable in monthly installments of up to $300. President Biden had pushed for the credits to be continued but Congress failed to act on an extension and the new plan doesn’t revive the installment payments.

If the latest measure is approved by Congress, taxpayers could see the benefit as soon as this tax season, Scripps reported.