Using state-level data from the Treasury Department on advance Child Tax Credit (CTC) payments, the Joint Economic Committee estimated the number of qualifying children, total number of payments, and total payment amount by congressional district in August 2021, when the second round of CTC payments was distributed.
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 in advance via monthly payments, helping families meet their financial needs in real time. JEC analysis of data from the Census Bureau show the expanded CTC is already having a major impact on family budgets, with dramatic declines in food insufficiency and financial hardship, and the JEC estimates that monthly CTC payments will inject nearly $19.3 billion into local economies each month.
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