About 39 million families will start receiving payments from the new, refundable child tax credit on July 15, the Treasury Department announced Monday.
Authorized by the $1.9 trillion American Rescue Plan signed into law by President Joe Biden in March, the expanded and “newly-advanceable” tax credit will provide assistance to families that include about 88% of American children, the administration says.
Starting in July and continuing through the end of the year, eligible families will receive up to $300 per child under the age of 6 and up to $250 for those aged 6 to 17. Couples with incomes up to $150,000 and single filers with incomes up to $75,000 qualify for the full credit, which phases out at higher income levels.
Michael Rainey | Yahoo Finance