Most American families with children can expect to see a monthly bump in their bank accounts starting July 15.
The Treasury Department announced almost 88 percent of minors will receive the benefits. The full credit will go to married couples with children and with an adjusted gross income of $150,000 or less, and to individuals with children and with an adjusted gross income of $75,000 or less.
The IRS will determine eligibility based on the 2019 and 2020 tax years. The payments were included in President Joe Biden’s $1.9 trillion coronavirus relief package.
How do the numbers break down? For each child under 6 years old, qualified families will receive up to $300 per month. Between the ages of 6 and 17, each child will receive up to $250 per month.
If an extension of the increased child tax credit through 2025 is approved in Biden’s $1.8 trillion American Families Plan, it could cost $100 billion a year.
This story originally appeared in WORLD. © 2021, reprinted with permission. All rights reserved.