On Thursday the Internal Revenue Service will begin delivering monthly installments of President Joe Biden's enhanced child tax credit to some 39 million American families.
The boost will see individuals who make under $75,000 and couples earning under $150,000 with children under six-years-old receive $3,600 per child, with monthly $300 checks starting to go out July 15.
The tax credits were part of the $1.9 trillion American Rescue Plan, which was passed by Congress in March with no Republican support.
If those Americans have children between the ages of six and 17 they'll receive a $3,000 tax credit, receiving $250 a month starting Thursday.
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On Thursday, the Internal Revenue Service will start delivering payments of President Joe Biden's enhanced child tax credit to some 39 million American families. Biden is pictured Tuesday returning from Philadelphia, Pennsylvania
The American Rescue Plan, signed by President Joe Biden in March, allows child tax credits of up to $3,600 per year to be distributed in monthly payments instead of annually for children of couples who make under $150,000 annually or single parents earning up to $75,000
Individuals who make below $200,000 and couples making less than $400,000 are still eligible for the $2,000 child tax credit, the amount the credits were previously capped.
Parents will get half the credit they are eligible for in 2021, and will be able to claim the rest when completing this year's federal tax return early next year.
Cash will automatically start hitting the bank accounts of families who have filed 2019 and 2020 federal taxes.
Eligible families previously reclaimed the tax credit back when filing their annual taxes.
The initiative is intended to run for a year and is intended to lift millions of children out of poverty.
Biden has spoken of extending it to 2025 and hopes it could be made permanent.
Families with a single 'head of household' being paid up to $112,500 a year are also included.Insurance Loans Mortgage Attorney Credit Lawyer
There is no limit on the number of children parents will receive cash for.
Vice President Kamala Harris hailed the enhanced program