NBC News: Monthly child tax credit payments to start hitting bank accounts July 15
The Biden administration announced Monday that about 39 million families will begin receiving monthly child tax credit payments for the first time starting July 15.
The payments, which are part of the expanded child tax credit program in the American Rescue Plan, are expected to dramatically reduce child poverty, administration officials said.
The payments will be based on income. Families with kids under 6 years old will get up to $300, while those with kids older than 6 get up to $250.
“You won’t have to wait until your next year’s tax return to get [the Child Tax Credit]. I’m announcing today that on July 15th, on the 15th of every month thereafter throughout the year, you will get deposited in your bank… $250 per child each month…
Help is here.” —@POTUS pic.twitter.com/w22mKvMxjb
— CAP Action (@CAPAction) May 17, 2021
