The head of the IRS said Tuesday he expects to meet the July 1 deadline in the new pandemic relief law for starting a new tax program that will provide monthly payments of as much as $300 per child as a new child tax credit system.
It temporarily increases the existing child tax credit from a maximum $2,000 a year per child to $3,000 for each child aged 6 to 17 and $3,600 for children under 6.
It offers the option for families to receive advance monthly payments, rather than waiting for a lump sum based on the parents’ tax liability. The change will be in effect for a year under the recently-passed American Rescue Plan.
