Last week, thanks to President Biden’s efforts and the successful passage of the American Rescue Plan, tens of millions of American families covering nearly 60 million children began seeing their much-needed first monthly Child Tax Credit payment hit their bank accounts. The first monthly child tax credit payments are being delivered and will continue on the 15th of every month this year going forward.
In an interview with Spectrum News 1’s Kaitlyn Connolly, Joy Spencer, a Durham-based parent of a three year old daughter and Executive Director of Equity Before Birth, discussed how the monthly tax cut will help her to afford child care, an expense that was difficult to keep up with throughout the coronavirus pandemic, saying: “When you get a letter from the Department of Treasury it’s like, oh my gosh, who do I owe now? And being reminded that the Biden administration will give American families $250 to $300 per child –– it was a sigh of relief.”
In North Carolina, the expanded Child Tax Credit will:
- Be provided to the families of nearly 2 million children in North Carolina.
- Is expected to lift 137,000 children out of poverty in North Carolina.
- Provide monthly payments of $300 to the families for each child under 6 years old.
- Provide monthly payments of $250 to the families for each child between ages 6 and 17.