Child tax credit: Will there be payments next year?

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(WJW) — Congress is expected to soon vote on President Joe Biden’s Build Back Better Act.

Among other things, the President said the bill will extend the expanded Child Tax Credit.

In a press release laying out the framework of the bill, the White House said the Build Back Better Act will provide more than 35-million households up to $3,600 (or $300 per month) in tax cuts per child by extending the American Rescue Plan’s Child Tax Credit.

That means monthly payments would be provided to parents of nearly 90 percent of American children for 2022, which is $300 per month per child under six and $250 per month per child ages 6 to 17.

“This historic tax cut will help cover the cost of food, housing, health care, and transportation and will continue the largest one-year reduction in child poverty in history. And critically, the framework includes permanent refundability for the Child Tax Credit, meaning that the neediest families will continue to receive the full Child Tax Credit over the long-run,” the press release states.

The advance Child Tax Credit payments in 2021 started in July with the last payment set to hit bank accounts Dec. 15.

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