rewrite this title and make it good for SEOWhat’s in Trump’s One Big Beautiful Bill for you? A bigger child tax credit and more.

A “big, beautiful tax bill” is making its way through Congress, but how big and beautiful is it for you?

In a big win for Trump, the bill won approval from a key congressional committee on May 18 to advance toward possible passage in the House of Representatives later this week. The legislation is still far from a done deal. Once it gets through the gantlet of the House, it is expected to go through committees and a floor vote in the Senate. The policy details may be tweaked at any point along the way.

But if the bill passes as is (likely a longshot), it includes higher standard deductions, especially for older adults, an increased child tax credit (CTC), and many other items that fulfill President Donald Trump’s campaign promises to Americans.

The expanded child tax credit especially could help families. The Tax Policy Center estimates the larger child tax credit would provide an additional $22.9 billion of benefits to families with children in 2026.

Here’s how the new child tax credit under the One Big Beautiful Bill Act would work:

The amount of the full child tax credit would increase to $2,500 per child through 2028.

After 2028, the full child tax credit would drop to $2,000 but indexed to inflation.

Applicants must have a Social Security number to qualify for the credit.

The maximum amount of the refundable portion of the child tax credit wouldn’t exceed $1,400 per qualifying child.  Currently, up to $1,700 is refundable.

Most families with children should benefit, but some more than others, experts say.

The plan “would primarily benefit middle- and higher-income families who, even after receiving a $2,000 CTC, still owe additional income taxes,”said the Tax Policy Center. “Low-income families who already have their CTC limited by phase-in rules would not benefit further from this option.”

Families who would benefit from the change would on average see the credit increase by $700 to $800, the Tax Policy Center said. The lowest-income beneficiaries would receive an average increase in their benefit of a bit more than $350, it said.

Also, because of the new requirement that both parents have a valid Social Security number if filing jointly and claiming the tax break for an eligible child, millions of families will get no benefit at all, experts said.

An estimated 4.5 million children who are citizens or legal permanent residents would lose eligibility for CTC because of the bill’s requirement that both parents have a Social Security number, even if the children have Social Security numbers, according to the Center for Migration Studies. Those children are currently eligible for the CTC.

“This exclusion would apply to families where one parent is a citizen and the other is in the country lawfully but without a Social Security number,” the Center on Budget and Policy Priorities noted.

Below are some of the other items Americans may want to keep an eye on from the tax proposal unveiled May 12 which could help them save money, analysts and tax advisers said.

Making Trump’s 2017 Tax Cuts and Jobs Act permanent, including the $2,000 child tax credit. CTC will drop back to $1,000 at the end of this year if not extended.

Increasing the standard deduction by $1,000 for individuals, $1,500 for heads of households, and $2,000 for married couples

Offering Americans aged 65 and older within certain income limits an extra deduction of $4,000 per filer, whether they take the standard deduction or itemize their returns. This is in lieu of Trump’s campaign promise to eliminate taxes on Social Security income and is supported by AARP, a nonprofit, nonpartisan organization that advocates for the needs and interests of people 50 and older.

Giving each child $1,000 for their parents opening in their name newly-created “money accounts for growth and investment,” also known as a “MAGA” savings account

Letting clean energy tax credits expire early – this year

The tax proposals will make tax planning hard for a couple of reasons: both the fate of, and the final bill, are still pending and some proposals are retroactive to January 1, 2025, while others are effective in 2026 or future years.

However, Richard Pon, a certified public accountant in San Francisco suggests a few things people may consider based on the initial bill. They include:

Purchase electric vehicles this year because the $7,500 clean vehicle credit would expire in 2025 instead of in 2032

Purchase clean energy equipment, such as solar property or wind energy, because the tax credit would expire this year instead of in 2034

Make energy efficient home improvements that are eligible for a 30% credit or have a home energy audit because this credit would expire this year, instead of 2032

Hold on to your money. “There is no need to make large gifts to family or friends anymore as the estate tax exemption will not drop in 2026,” Pon said.

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.

This article originally appeared on USA TODAY: What’s in Trump’s tax bill for you? Child tax credit and more.