(GNB Desk)- The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15, the U.S. Treasury Department and the IRS announced Monday.
Roughly 39 million households — covering 88 percent of children in the United States — are slated to begin receiving monthly payments without any further action required, the Treasury Department said.
“For working families with children, this tax cut sends a clear message: help is here,” President Joe Biden said in a statement.
Treasury and the IRS also announced the increased CTC payments, will be made on the 15th of each month, unless the 15th falls on a weekend or holiday, allowing families who receive the credit by direct deposit to plan their budgets around receipt of the benefit. Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above.
“The American Rescue Plan increased the maximum Child Tax Credit in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children between ages 6 and 17. The American Rescue Plan is projected to lift more than five million children out of poverty this year, cutting child poverty by more than half,” according to a Treasury Department news release.
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