U.S. Treasury Department pays $15 billion in child tax credits in installments Reuters

WASHINGTON (Reuters)-The U.S. Treasury Department said on Wednesday that under President Joe Biden’s $1.9 trillion COVID-19 legislation, the U.S. Relief Program, the first month installment of the children’s tax credit paid approximately to families. 15 billion U.S. dollars.

The Ministry of Finance stated that the July payment was paid to families with nearly 60 million eligible children. Eligible families can receive an initial payment of up to US$300 per month for each child under the age of 6, and an initial payment of up to US$250 per child between the ages of 6-17.

ARP will pay half of the tax credit for the 2021 tax year by the IRS in monthly installments from July to December this year, and the rest will be paid when the tax return is filed in 2022.

The Biden administration proposed to make the monthly advance payment of tax credits permanent as a means to reduce child poverty. The Ministry of Finance estimates that according to previous regulations, families with more than 26 million children will receive less credit than the full, expanded credit because their income is too low.

A senior official of the Biden administration told reporters on a conference call that 35.2 million households will receive payment in July, but the IRS estimates that 39 million households will receive payment soon, because some households have not yet registered .