Forbes: The Historic Child Tax Credit Expansion Could Provide Monthly Payments To Millions Of Households. Here’s How it Would Work
media mentionThe amount of the credit is being increased, but that’s not the whole story. For the first time in history, families will qualify to receive the child tax credit as a monthly stipend. These monthly payments will provide up to $300 per child starting this July through the end of the year (the remaining credit can be claimed on your 2021 tax return).
According to the Institute on Taxation and Economic Policy (ITEP), about 83 million children live in households that will benefit from this change to the CTC, and families can expect an average total increase of $2,750.