Families start receiving Child Tax Credit

AUGUSTA, Maine (WABI) - On July 15, families nationwide started receiving payments through the expanded Child Tax Credit.

The tax credit program provides money to families with children 17 and younger through the American Rescue Plan.

The program includes payments of up to $250 per child under 17, and up to $300 per child under the age of 6.

The program stops next July 15.

The Maine Center for Economic Policy says Congress should include an extension of the credit in the upcoming recovery bill.

”We really see this as a win-win-win all around. It’s a win for families who will see the bump in income, and we see it as a win for the kids in particular, who are going to benefit from those additional resources, and have more food, and potentially have more opportunities and those kinds of things. And then we see it as a benefit to the economy more broadly because of the additional economic activity that’s going to occur as a result,” said Garrett Martin, Maine Center for Economic Policy executive director.

If you have children under the age of 17 and haven’t received American Rescue Plan funds, check the IRS tax credit portal at IRS.gov.