Democratic leaders will reveal legislation on Monday that will give millions of families at least $3,000 per child, advocating a key arrangement in Biden’s trillion dollar Covid relief package.
The chairman of the Ways and Means Committeel, who is leading the development of the legislation for the stimulus package, will bring about the enhanced Child Tax Credit bill, according to a committee spokesperson.
“The pandemic is driving families deeper and deeper into poverty, and it’s devastating. We are making the Child Tax Credit more generous, more accessible, and by paying it out monthly, this money is going to be the difference in a roof over someone’s head or food on their table,” Neal said in a statement provided to a news source.
The legislation will provide $3,600 each child under the age of six and $3,000 per child age six through 17 for a single year. The complete benefit is available to single parents earning up to $75,000 annually and for couples earning up to $150,000. Funds would phase out after those thresholds.
Some families can receive the Child Tax Credit funds on a monthly basis, which advocates state will make it simpler to pay obligations compared to receiving a lump sum at tax time.
If this legislation is set by Congress, the payments would begin in July for one year.