(WJW) — Many families will begin receiving child tax credit payments soon, but President Joe Biden said he is seeking an extension on it.
During a speech in Illinois Wednesday, the President said he is looking to extend the expansion in the child tax credit. Biden has reportedly proposed extending it through 2025 with the goal of making it permanent.
The first monthly payments made possible through American Rescue plan will be made starting July 15.
According to the IRS, 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 ages 6 to 17.
The IRS has also created a webpage titled Advance Child Tax Credit 2021 that will provide the most up-to-date information about the credit and the advance payments.