Millions of families will receive a Child Tax Credit monthly payment next week. It could be the last one.
CBSN
The families of some 61 million children could see their monthly child tax credit payments end after next week if Congress does not move quickly. The Build Back Better Act, which passed in the House, includes a one-year extension of the monthly payments, but the legislation still faces hurdles in the Senate.
The IRS has told some lawmakers the bill needs to pass by December 28 for payments to continue smoothly heading into January, according to Senate and House congressional aides. Monthly payments so far have been distributed on or around the 15th of each month, meaning the January 15 payment could be in jeopardy.
Eligible families will receive their sixth and final monthly payment as part of the American Rescue Plan on December 15. The payments — $300 per child under six and $250 per child ages 6 to 17 — started in July. Now Democratic lawmakers are racing to keep them going.
