Here’s more on how the program will work: What exactly is the child tax credit? Researchers say it could have a significant effect on families, estimating that those dollars could cut child poverty in half.
The rest of the tax credit - worth between $3,000 and $3,600 per child, depending on their age - will be paid out when a family files taxes next spring. That will send families up to $250 a month for every child between 6 and 17 years old, and up to $300 a month for kids under 6.įor roughly 39 million households - covering 88 percent of children in the United States - the monthly checks will be automatic, according to the Internal Revenue Service. The new law not only makes more families eligible for the child tax credit, it also changes when families receive its financial benefits.įor the first time, half of the tax credit will be distributed through monthly payments, instead of only when families file their taxes. … More than 80 percent of children in the Seventh District - nearly 150,000 children - will see the immediate benefits.” “One major hurdle continues to be the rising cost of child care, which is making it harder for families to keep up with the bills, save up and get ahead. “As Central Virginia families recover from the pandemic, we must make sure parents have the support they need to fully return to the workforce,” said U.S. The tweaked tax credit drew less attention than stimulus checks and expanded unemployment benefits in that wide-ranging COVID-19 relief legislation.īut the effect may be longer-lasting, with Democrats already angling to prevent the temporarily broader tax credit from shrinking again next year.
households with children will begin receiving monthly payments as a result of changes in that law expanding and reworking the federal child tax credit. Starting this week and ending in December, the vast majority of U.S. WASHINGTON - The most ambitious part of the pandemic stimulus package signed by President Joe Biden earlier this year is about to hit the bank accounts of millions of U.S.
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