New President Biden announced earlier this month his intention to push for an expansion of the child tax credit as part of his $1.9 trillion economic relief package. According to CNN, House Democrats are already working on legislation to expand the existing child tax credit.
The stimulus would be set as monthly instalments instead of an annual one-time payment, according to The Washington Post, meaning that American families would get a monthly recurring payment.
The Washington Post, reports that the plan is for IRS to send parents a monthly check of $300 per child younger than age 6 for a total of $3,600 per year. For children between ages 6 to 17, the amount would be $250 or $3,000 per year.
This is great news for families with low income, especially after the terrible year we all had. A little help could really go a long way for many people.
Who is eligible?
The eligibility for this expended benefit would be similar to the stimulus checks. It would be based on family income for the prior tax year and would stop at a certain income amount, the Post reported.
This new plan would last for one year, with the hope to make it permanent, according to The Post.
What do you think of this new stimulus? Were you able to get a stimulus check?