UNDATED – Important changes to the Child Tax Credit will be implemented soon. Starting July 15, and continuing monthly, many American families will be eligible to receive $3,600 per qualifying child under the age of 6 and $3,000 per child ages 7 to 17.
According to the IRS, “the credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don’t have earned income or don’t owe any income taxes.”
The credit is only for the year 2021.
The Congressional Research Services published a report explaining the policy and detailing the rationale behind the monetary figures.
CRS reports providing the public with timely, objective, and authoritative research and analysis. Their work is given to committees and members of both the House and Senate, regardless of political party affiliation. The Child Tax Credit report, for example, was most recently updated May 12.
