The Biden administration on Monday announced it will start to make monthly payments of the expanded child tax credit on July 15.
Households that account for about 65 million children, or 88 percent of children in the United States, will will receive the payments without needing to take any additional action. Payments will be made automatically to about 39 million households, the administration said.
The administration’s announcement, which coincides with Monday’s deadline for individuals to file their 2020 tax returns, provides more details about how the Treasury Department and the IRS plan to implement a key part of the coronavirus relief law President Biden enacted in March, called the American Rescue Plan Act. Continue reading.