The IRS said it started sending letters to more than 36 million American families who may be eligible to receive monthly Child Tax Credit payments starting in July.
Background: 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.
Payments: 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.
Schedule: The IRS will issue advance payments on July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15, and Dec. 15.
More: Additional information is available on the IRS website and ICBA’s frequently asked questions on the payments.
