Biden’s Child Tax Credit Payments Of $250 Per Month Per Child To Be Deposited In Parent’s Accounts
Thirty-nine million households across the United States will be receiving monthly child tax credit payments starting July 15, the Biden administration announced Monday.
The payments are part of the expanded child tax credit program from the American Rescue Plan, the $1.9 trillion project to help American families that are affected by the COVID-19 pandemic, which passed Congress in March.
With the bill passed, the maximum payments families can receive per child is up to $3,600.
About 80% of the families that qualify for the payments do not need to take additional steps to receive their funds.
Starting July 15, qualifying families will each get monthly payments up to $300 for each child under 6 and up to $250 for each child 6 to 17.
Families with annual incomes over $150,000 for married couples, over $112,500 for heads of households, and over $75,000 individuals will not be qualified for the increased amounts, according to the IRS.
As a part of his government plan, President Joe Biden is calling for continuing the program until 2025.
“While the American Rescue Plan provides for this vital tax relief to hard-working families for this year, Congress must pass the American Families Plan to ensure that working families will be able to count on this relief for years to come,” Biden said in a statement Monday.