Biden’s Monthly Child Tax Credit Payments to Start in July

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

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