Child tax credit: Will payments continue until 2025?

News

Related video: Where’s my child tax credit payment?

CLEVELAND (WJW) — Parents, you should’ve seen this month’s child tax credit payment hit your back account on Wednesday – if you’re set up for direct deposit.

This third payment– on Sept. 15– was the halfway mark of six monthly payments, that started in July, meant to help families who are struggling financially during the pandemic.

But it might not end in December like originally planned.

A committee in the U.S. House of Representatives proposed legislation this past week that would keep the early payments coming through 2025, according to a release from House Ways and Means Committee Chairman Richard E. Neal (D-MA).

“On Tuesday, we will continue our work on the Build Back Better Act with the consideration of investments to provide critical support to families, spur the development of clean energy, reinstate Build America Bonds, and improve Americans’ ability to afford health care,” Neal said.

Lawmakers are hoping to establish a monthly child tax credit advance payment through taxable years 2025. As with the current plan, the proposed plan will qualify children age 0- 17 for the credit, giving payments of $250 each month per child and $300 each month per child under age six.

Under the proposal, the monthly payments will begin to phase out for households with incomes above $150,000 (for joint filers) and finishes phasing out at $400,000.

House Ways and Means Republicans say they don’t support the child tax credit proposal and issued the announcement last week.

“Democrats have turned the Child Tax Credit into Welfare Without Work, which if they make permanent will harm families, risk the loss of billions of taxpayer dollars in waste and fraud, and cost American jobs,” the release said.

The early payments for this year should’ve hit bank accounts on Wednesday, Sept. 15, with more payments coming Oct. 15, Nov. 15 and Dec. 15. The remaining money will come in one lump with tax refunds in 2021.

Parents can choose to not receive the early payments here, or sign up here.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

FOX 8 Cleveland Weather // Quick Links:

Hot on FOX 8

More Viral