American families are set to receive a more generous child tax credit for 2021.
Starting in July, the IRS will begin sending out monthly payments of $250 or $300 through December to low- and moderate-income families who qualify, depending on the child's age, the agency says.
The American Rescue Plan, which was passed in March, boosted the child tax credit, with the largest increases going to the lowest-income families with children.
President Joe Biden wants to extend the program through 2025 using another initiative dubbed the American Families Plan, which is part of his “Build Back Better” proposal.
Jessica Menton | USA TODAY