The IRS and Treasury announced Monday, May 17, that the first monthly payments of the expanded and newly-advanceable child tax credit (CTC) from the Biden administration’s American Rescue Plan Act will go out on July 15.
The law increased the maximum CTC 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. Roughly 39 million households — covering 88% of children in the U.S. — will automatically receive the payments without any further action required.
Eligible families will receive the increased CTC payments on the 15th of each month unless that day falls on a weekend or holiday. They will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for each child aged 6 and up. Learn more.