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Monthly child tax credit payments will expire at the end of the year if Congress doesn’t act

admin by admin
December 14, 2021
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Monthly child tax credit payments will expire at the end of the year if Congress doesn’t act

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Without the passage of President Joe Biden’s $1.75 trillion economic plan, Build Back Better, the monthly payments will expire, and the child tax credit will revert to its much smaller pre-pandemic form. The enhanced payment due families on Dec. 15 may be the last.

“I’m definitely concerned that families will be surprised, and unlike in July when [the child tax credit] would have been a positive surprise, this time it will be a negative surprise,” said Elaine Maag, a principal research associate at the Urban-Brookings Tax Policy Center.

The American Rescue Plan, enacted in March, expanded the existing child tax credit, increasing the amount and scope of the benefit.

The credit was increased to $3,000 from $2,000 with a $600 bonus for kids under the age of 6 for the 2021 tax year. It also established monthly payments, which began in July and go through December in deposits of $300 for children under the age of 6 and $250 for those aged 6 to 17. The second half will come when families file 2021 tax returns next year.

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