A new child tax credit payment will arrive in December. But will this be the final stimulus check?
What is the child tax credit payment?
In March, the Biden administration approved the monthly child tax credit payments as part of the American Rescue Plan, a $1.9 trillion coronavirus relief bill that passed Congress, according to the Deseret News.
- The bill increased the child tax credit payment from $2,000 per child to $3,000 for children ages 6 through 17, and $3,600 for children under 6.
- Half of that money is being distributed through six-monthly checks from July to December. The remainder will be distributed during tax filing season, according to CBS News.
Who is eligible for the child tax credit payment?
- Single filers who earn less than $75,000 per year.
- Heads of household who earn less than $112,500 per year.
- Married couples who earn less than $150,000 per year.
When does the December child tax credit payment arrive?
The December check will arrive through direct deposit for millions of parents on Dec. 14. You should look for the check in your bank account.
- Parents of children under 6 will be given a maximum payment of $300 per child.
- Meanwhile, children aged 6 and 17 will receive a maximum payment of $250 per child.
Is the December child tax credit payment the final check?
The check for December will be the final stimulus child tax credit payment unless Congress acts to extend it, according to CNN.
- Democrats want to extend the payments for certain families. But West Virginia Sen. Joe Manchin, a Democrat, has concerns about the potential costs.
- It’s unclear if legislation will make it through the Senate.
According to CNN, joint filers who earn less than $150,000 would be covered in the new plan. And heads of households making less than $112,500 will get those checks, too.