White House Says $300 Child Tax Credit Payments Could be Permanent
Starting July 15, families with children will begin receiving monthly stimulus payments as part of President Joe Biden’s American Rescue Plan.
As we had previously reported, the child tax credit had been $2,000 for most families, but was expanded to $3,000 for children over the age of 6 and $3,600 per child younger than 6.
The credit will be dispersed in the form of monthly payments that will range from $250 to $300 per child and will arrive via the mail or direct deposit from July to December. The remaining amount can be claimed when filing 2021 taxes.
Those who filed their 2019 or 2020 taxes or signed up for stimulus payments using the IRS’s non-filer tool will automatically receive a payment.
What was originally meant as a temporary boost to the economy during the COVID-19 pandemic may become permanent if President Biden gets his way. AL.com is reporting that the President is pushing Congress to make the payments permanent, according to a statement from the White House:
The new Child Tax Credit enacted in the American Rescue Plan is only for 2021 -- but President Biden’s American Families Plan proposes extending the credit for years and years to come.
Who qualifies for the payment?
Couples that make less than $150,000 per year and single parents who make less than $112,500 annually.
What if I don’t want the payment?
Families that would rather receive the payment as one lump sum in 2022 simply need to opt out using the Child Tax Credit Update Portal at this location.