With summer right around the corner and the world slowly beginning to open back up, families across the country will be looking to enjoy the hot summer months with a little fun while making sure their household needs are met. For those who could use a some financial assistance, help is on the way.
The Treasury Department and the Internal Revenue Service will begin sending monthly advance payments of $250 or $300 to low- and moderate-income families under the newly expanded Child Tax Credit starting July 15.
For some, this will mean much-needed help on daily expenses, for others, the payments will go toward leisure after a year of uncertainty and state-mandated quarantines due to the COVID-19 pandemic.
According to News Break, the advance payments under the Child Tax Credit are the result of President Joe Biden’s American Rescue Plan, a $1.9 trillion coronavirus-relief package that Congress passed in March. The law extended the tax credit, boosted the amount that eligible families could receive and provided for half of the money to be made available in monthly installments through December.
Under the new law, families claiming the credit will receive up to $3,000 per qualifying children between ages 6-17 or $3,600 for each child younger than 6. Previously, the tax credit was up to $2,000 per qualifying child under age 17.
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