SAN FRANCISCO (KRON) — Millions of families will begin getting their monthly child tax credit payments starting in July, the IRS Commissioner said Tuesday during a senate hearing.
It’s a bigger tax credit than years prior, enhanced by the American Rescue Plan which was signed by President Biden in March.
The $1.9 trillion relief bill increases the child tax credit payment to $3,000 for every child age 6 to 17 and $3,600 for every child under the age of 6.
IRS Commissioner Charles Rettig told senate committee members that they are “on track” for the payments beginning in July, and that “if we end up not being on track for some unforeseen situation we will advise you and the committee.”
The IRS plans to launch an online portal to help parents update their relevant tax data to obtain the expanded child tax credits, The Associated Press reports.