EYEWITNESS NEWS (WBRE/WYOU) — Something considered a means for social change is about to begin Thursday.
The IRS will begin sending Child Tax Credit payments to some 36 million eligible families with children 17 or younger on Thursday.
These first-ever child tax credit payments have been months in the making. As officials say many families stand to benefit, they are also discussing the boost it can mean for the community.
The enhanced Child Tax Credit will deliver money to some 36 million low and moderate income American families, households shouldering added financial difficulties since the pandemic hit.
“We’re talking about 126,000 kids in northeastern Pennsylvania in my district alone. Over 90 percent of the children ages 0 through 17 will have their parents qualify for this tax relief,” said Rep. Matt Cartwright, (D) 8th District.
The IRS circled July 15 on the calendar to send out the first of those monthly payments for the rest of the year to qualifying families. It’s $300 monthly for children five and younger, and up to $250 a month for kids six to 17 years old.
“When you have a couple of little kids at home, maybe you’ve got one zero to five and maybe one a little bit older, you know $550 extra a month makes a big difference and you know they’re going to spend that money,” Cartwright said.
Congressman Cartwright says that spending could be on something as simple yet necessary as child care for parents who left the workforce to watch their children.
“Once they have the money to take care of the childcare that frees them up to go back to those jobs. It’s just going to be a big shot in the arm for our economy in northeastern Pennsylvania,” Cartwright said.
It’s been three months since Cartwright visited Children’s Service Center of Wyoming Valley touting the $1.9 trillion American Rescue Plan which funds the enhanced Child Tax Credit.
“Getting the families and the kids in a better place makes our job that much easier,” said Mike Hopkins, President/CEO, Children’s Service Center of Wyoming Valley.
Again, these child tax credit payments will be split and spread out over several months. The dates being: July 15, August 13, September 15, October 15, November 15 and December 15.
The IRS is sending out the funds both by check and direct deposit. There may be some lag time before the money hits bank accounts.