Louisville, KY – According to the statement, the benefit is set to expire after a year.
President Biden increased the size of the tax credit as part the $1.9 trillion coronavirus relief package and is pushing for it to be extended through 2025.
The credit is $3,600 annually for children under age 6 and $3,000 for children ages 6 to 17.
Six months of payments will be advanced on a monthly basis through the end of the year.
Eligible families will receive $300 monthly for each child under 6 and $250 per child older than that.
The payments begin to phase out at incomes of $75,000 for individuals, $112,500 for heads of household and $150,000 for married couples.
Higher-income families with incomes of $200,000 for individuals and $400,000 for married couples can still receive the previous $2,000 credit.