In July 2021, monthly payments from the newly expanded Child Tax Credit (CTC) started hitting families’ bank accounts.  The American Rescue Plan (ARP) dramatically increased the value of the CTC, from $2,000 per child to up to $3,600 per child under six and $3,000 per child six and older. The ARP also expanded the CTC so that it is now fully refundable and previously ineligible low-income families will receive the full credit. Half of the expanded CTC will be distributed via monthly payments, helping families meet their financial needs in real time. The first round of monthly payments distributed nearly $15 billion to families across the United States, averaging $423 per qualifying family and reaching more than 59 million children.

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