Political and Legislative
The IRS and the U.S. Treasury Department Have Announced Child Tax Credits to Be Paid Out Monthly to Eligible Families
Roughly 39 million American families are eligible for monthly payments of up to $300 through the newly expanded child tax credit starting on July 15, the IRS and U.S. Treasury Department announced on Monday.
The advance child tax credit program is part of the Biden administration’s $1.9 trillion economic aid package called the American Rescue Plan that was passed in March. It increases the existing tax benefit from $2,000 up to $3,600 for younger kids and $3,000 for older ones, for the 2021 tax year.
“For working families with children, this tax cut sends a clear message: Help is here,” said President Biden in a Monday statement.
