88% of children covered by monthly payments starting in July
WASHINGTON (AP) — The Treasury Department said Monday that 39 million families are set to receive monthly child payments beginning on July 15.
The payments are part of President Joe Biden’s $1.9 trillion coronavirus relief package, which expanded the child tax credit for one year and made it possible to pre-pay the benefits on a monthly basis. Nearly 88% of children are set to receive the benefits without their parents needing to take any additional action.
Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for children between the ages of 6 and 17. The child tax credit was previously capped at $2,000 and only paid out to families with income tax obligations after they filed with the IRS.
But for this year, couples earning $150,000 or less can receive the full payments on the 15th of each month, in most cases by direct deposit. The benefits total $3,600 annually for children under 6 and $3,000 for those who are older. The IRS will determine eligibility based on the 2019 and 2020 tax years, but people will also be able to update their status through an online portal. The administration is also setting up another online portal for non-filers who might be eligible for the child tax credit.
The president has proposed an extension of the increased child tax credit through 2025 as part of his $1.8 trillion families plan. Outside analysts estimate that the payments could essentially halve child poverty. The expanded credits could cost roughly $100 billion a year.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
CATS to start process of deciding interim CEO's new salary; still paying...
World's first fully-automated, smallest and fastest drive-thru kitchen produced in Baton Rouge
See BREC's plans for fairgrounds that prompted State Fair move
Teachers union leaders meet at capital; demand more pay and resources
Outgunned with fire power, law enforcement dealing with dangerous criminals on the...
VIDEO: Devery Henderson Talk about Bluegrass Miracle and the Saints "Rebirth game"
VIDEO: Former Tigers and Saints receiver Devery Henderson talks with Corey Rholdon...
Saints release 2022 schedule, will open season on the road at Atlanta
St. Amant baseball heading to first state semifinals since 2014
Southern slugs out sweep against UAPB