Child Tax Credit, payments start hitting bank accounts July 15

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U.S. Senator Kristen Gillibrand held a video press conference this afternoon to outline details of the child tax credit expansion that could help cut child poverty by 45 percent. The expansion is a part of President Joe Biden’s 1.9 trillion dollar American Rescue Plan Act of 2021.

“The American Rescue Plan also increased the credits from a typical two thousand dollars per child to $3600 for children under six and three thousand dollars for children under 18.” -U.S. Senator Kristen Gillibrand

About 39 million households are expected to benefit from this new expansion, “If the IRS has your tax returns from 2019 or 2020 you will get the payments automatically based on those filings. If you did not earn enough money to have to file income taxes in the previous year or you welcomed a new baby or child into your family in 2021, the IRS has an online portal available where you can submit your information.”

For the first time, the credit is now available to families in Puerto Rico and in the U.S. territories.

“If you are undocumented but your child has a social security number, they are eligible for the child tax credit. You can claim that credit using your individual tax payer identification number.”

The other half of the child tax credit will be paid out when individuals file their 2021 taxes, “These expanded credits can make a real difference for families across New York and help pay for the bills need to run their families. Whether it is a rent bill, a utility bill, put food on the table, making sure kids have the clothes they need and extra curricular activities.”

Senator Gillibrand says she will continue to work to make this expansion permanent.

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