IRS to Start Monthly Child Tax Credit Payments in July

On Monday, the Biden administration announced it will start to make monthly payments of the expanded child tax credit on July 15th. Households accounting for 88% of the children in the United States, or about 65 million children, will receive the payments automatically, without the parents needing to take any further action. Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for children between ages 6-17. The administration’s announcement also provided details about how the IRS plans to implement the part of the coronavirus relief package that President Biden enacted in March, called the American Rescue Plan Act.