Business

Treasury sends out fifth monthly payments under child tax credit expansion

The Treasury Department and IRS said Monday they sent out the fifth batch of monthly child tax credit payments, disbursing more than $15 billion in payments to families that include about 61 million children.

The agencies said they have sent out a total of about $77 billion in monthly payments since the program began in July. Families are eligible for payments of up to $300 per month for children under age 6, and up to $250 per month for children ages 6 to 17.

The monthly child tax credit payments came about as a result of the coronavirus relief law President Biden enacted earlier this year. The relief law also increased the amount of the credit and made the credit fully available to the lowest-income families.

The child tax credit expansion in the relief law was only for 2021, meaning the monthly payments will end in December unless Congress acts.

The White House and congressional Democrats are hoping to enact in the near future a social spending package that extends the expanded child tax credit for one year, while making the credit fully available to the lowest-income families on a permanent basis. The House is expected to vote on its version of the package as soon as this week.

“The Child Tax Credit is giving families across America the flexibility to pay for household essentials, school supplies, and other childcare needs,” Treasury Secretary Janet Yellen said in a statement. “This tax relief is making a meaningful difference in the lives of millions of children, and it’s crucial for Congress to extend it by passing President Biden’s Build Back Better agenda so families can continue to benefit.”

Tags Build Back Better Act Child tax credit Janet Yellen Joe Biden Tax credits

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Regular the hill posts

People – Image widget – Person – Main Area Top

File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)
File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)

QAT WC-2613

People – Image – Person

In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)
In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)

People - Video Bin - Person

The White House is pushing 'Bidenomics,' but what does it mean?

The White House is pushing 'Bidenomics,' but what ...
DC Bureau: AI Legal Immunity (raquel)
KXAN: special session
DC Bureau: Biden economic display (basil)
KTXL: ca budget folo
WHTM: good gov bills
More Videos

Main area middle

See all Hill.TV See all Video

main area bottom custom html

MAIN Area bottom

People – Custom HTML – Person

MAIN AREA BOTTOM

People - Article Bin - 7 Headline List with Featured Image - Person

Main area bottom

Top Stories

See All

Most Popular

Load more