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On June 11, 2021, US Vice President Kamala Harris visits CentroNia, a bilingual early childhood education center in Washington, DC, to showcase child tax credit programs. Jonathan Ernst/REUTERS Reuters, WASHINGTON, July 14 – The first monthly installment of the Child Tax Credit, which was expanded under President Joe Biden’s $1.9 trillion COVID-19 legislation known as the American Rescue Plan, was paid to families on Wednesday, according to the US Treasury. The July payments were made to over 60 million eligible families, according to the Treasury. Eligible families were given a one-time payment of up to $300 for each kid under the age of six and up to $250 for each child aged six to seventeen. The ARP required the Internal Revenue Service to pay half of the tax credit for the 2021 tax year in monthly installments from July to December this year, with the remaining due when tax returns are filed in 2022. As a way to minimize child poverty, the Biden administration has advocated making the monthly advance payment of the tax credit permanent. According to the Treasury, families with more than 26 million children would have gotten less than the entire, extended credit under prior standards since their earnings were too low. On a conference call with reporters, a senior Biden administration official said that 35.2 million households would receive the July payment, but that an IRS estimate of 39 million families receiving payments would be reached soon because others have yet to register. David Lawder contributed reporting, and Christopher Cushing and Sam Holmes edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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