Starting this summer, the Internal Revenue Service (IRS) will provide a “child tax credit” in the form of a stimulus payment to families across the nation. Beginning July 15th, families that fall into a specific income bracket will receive a monthly payment for each child. The payments will continue through December, part of President Joe Biden’s $1.9 trillion American Rescue Plan, which was signed into law back in March.
“Here’s the great news: you won’t have to wait until your next year’s tax return to get that break,” Biden said. “I’m announcing today that on July 15th and on the 15th of every month thereafter throughout year, you will get deposited in your bank account, half of your tax cut, at least $250 per child each month, a direct deposit into your account. So if you’re a working family with two kids, you’re going to get $500 a month into your bank account on the 15th of every month starting in July.”
Part of Biden’s American Rescue Plan also upped the child tax credit for the 2021 tax year, something Biden has talked about extending through 2025, and potentially making permanent, NBC News reported.
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