Eligible families receive $15 Billion from Child Tax Credit
Treasury and IRS announce that families of nearly 60 million children received $15 Billion in first payments of the expanded Child Tax Credit
WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service announced that roughly $15 billion dollars were paid to families on July 15.
The paid families include about 60 million eligible children in the first monthly payment of the expanded Child Tax Credit from the American Rescue Plan passed in March.
Eligible families received a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17.
To get money to families sooner, the IRS is sending out half of the 2021 Child Tax Credit this year in monthly payments.
The American Rescue Plan expanded the Child Tax Credit for 2021 to get more help to more families.
For more information on the Child Tax Credit, visit childtaxcredit.gov.