Monthly child tax credit payments are set to start hitting bank accounts on July 15th.
Qualifying families will get monthly payments of up to $300 a month for each child under 6 and up to $250 a month for each child 6 to 17 years old. The payments are part of the expanded child tax credit program in the American Rescue Plan and are expected to dramatically reduce child poverty.
Payments are normally give annually as tax refunds, but they will be distributed monthly. The advance payments are beginning halfway through the year, families will get the second half as tax refunds.
What are your thoughts on this? For more info,click here.