First child tax credit payments going out July 15 – About Your Online Magazine

(ABC4) – The first monthly payment of the extended Child Tax Credit arrives in July.

The US Department of the Treasury and the IRS confirmed the official date for the first payment – July 15th – on Monday morning.

Authorities say that about 88% of children in the United States should receive payments automatically. The tax credit is part of the American Rescue Plan approved earlier this year.

According to the Secretariat of Finance, the payment of the child tax credit will be made on the 15th of each month, unless that day is a weekend or a holiday.

If you are eligible, you can expect up to $ 300 per month for each child under the age of six and up to $ 250 per month for each child aged 6 and over.

Payments will be made through direct deposit, paper check or debit card, and will be stopped at the end of the year if Congress does not authorize again.

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President Joe Biden released a statement on Monday morning, saying:

The American Rescue Plan is providing a critical tax break for the middle class and families who work under pressure and have children. With today’s announcement, about 90% of families with children will have this new tax reduction automatically, starting in July. While the American Rescue Plan provides for this vital tax cut for hard-working families this year, Congress must approve the American Family Plan to ensure that working families can count on this reduction in the years to come. For families working with children, this tax cut sends a clear message: help is here.

Paula Fonseca