(NEXSTAR) – If you’ve got kids and file taxes, chances are your bank account is getting a little boost later this month. As parents probably know by now, the Biden Administration’s American Rescue Plan calls for monthly payments to parents beginning on July 15th.
For this year only, the child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit. The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously, children had to be 16 or younger.