Increased monthly child tax credit payments to start in mid-July

Millions of middle and low income families across the country will start receiving monthly payments beginning in mid-July as part of the new, fully refundable child tax credit. The first payments will be made on July 15 and subsequent payments will continue to be made monthly through the end of the year, the Treasury Department and IRS announced on Monday.

Roughly 39 million families will begin receiving automatic payments. That covers more than 65 million children, accounting for about 88% of all children in the U.S., according to the Biden administration. Eligible families will receive payments of up to $300 a month for every child under the age of 6 and up to $250 a month for every child ages 6 to 17. The automatic advanced payments were included as part of the American Rescue Plan passed in March to provide relief for Americans amid the coronavirus pandemic. The Biden administration said the legislation is projected to lift more than five million children out of poverty this year, cutting child poverty by more than half.