The Internal Revenue Service and the U.S. Department of the Treasury announced that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15.
Roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.
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 children between ages 6 and 17.
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