Families of 88% of children in the U.S. to receive monthly payment of refundable Child Tax Credit
The first monthly payment of the expanded and newly advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required. CTC payments will be made on the 15th of each month unless the 15th falls on a weekend or holiday. Eligible families will receive a payment of up to $300 per month for each child younger than age 6, and up to $250 per month for each child age 6 and older. I do not know what constitutes an "eligible" family, so if I mentioned the child tax credit going to 3,000 while doing a 2021 tax plan, we may have to revisit your estimates if you start receiving this.
