WASHINGTON, D.C. — About 39 million U.S. families will begin receiving monthly child tax credit payments on July 15, the Biden administration announced Monday.
The Treasury Department and the Internal Revenue Service say nearly 88% of children in the U.S. are slated to begin receiving the benefits without their parents needing to take any action.
Eligible families will receive 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 and above.
The American Rescue Plan increased the maximum child tax credit in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for kids between ages 6 and 17.
Households covering more than 65 million children will receive the monthly payments through direct deposit, paper check, or debit cards.
The increased payments will be made on the 15th of each month, unless the 15th falls on a weekend or holiday. Officials hope this will help families who receive the credit plan their budgets.
The administration says the American Rescue Plan is projected to lift more than 5 million kids out of poverty this year, cutting child poverty by more than half.
Click here to learn more about accessing child tax credits.
President Joe Biden released this statement on the child tax credit payments:
“The American Rescue Plan is delivering critical tax relief to middle class and hard-pressed working families with children. With today’s announcement, about 90% of families with children will get this new tax relief automatically, starting in July. While the American Rescue Plan provides for this vital tax relief to hard working families for this year, Congress must pass the American Families Plan to ensure that working families will be able to count on this relief for years to come. For working families with children, this tax cut sends a clear message: help is here.”
If you're still awaiting your third stimulus payment, you can track it here.