The federal Expanded Child Tax Credit takes effect next week.
U.S. Senator Debbie Stabenow visited with families at Grand Rapids’ Baxter Community Center calling the Expanded Child Tax Credit funded by the American Rescue Plan a tax cut for working families.
“We’re talking about 92% of Michigan children who are in homes that are going to benefit from a new tax credit that is going to start showing benefits and support for families next week," Stabenow said.
Starting July 15th, monthly payments of $300 will be made for each child under the age of six and $250 for each child six to 17-years of age.
“We said, we need to support families the way they need to get a tax cut, and that’s on a monthly basis," Stabenow said. "Not when you do your taxes in April.”
Families not filing taxes in 2019 or 2020, must register with the IRS at www.childtaxcredit.gov. The Democratic Senator says the additional tax credit is projected to cut child poverty in half. It’s currently a one-year extension the senator believes should be made permanent.