The first monthly child tax credit payments are going out this week.
Families across the U.S. will receive payments on Thursday, July 15. However, some have already seen their payments deposited.
The tax credit boost, which was part of the American Rescue Plan, brings the annual tax credit from $2,000 per child to $3,000 per child- effectively making half of that available via monthly payments to parents that qualify.
The payments will go out in $250 chunks, monthly through the end of the year.
The IRS says most of the payments are being made via direct deposit, so as was the case with stimulus checks- cashing physical checks won’t be necessary for many.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]