( CBS Detroit ) — The updated Child Tax Credit will soon start giving more money to parents and guardians. The credit was created in the late 1990s to ease the financial impact of raising a child. President Biden's American Rescue Plan, passed in mid-March, increases its value and changes its structure in important ways. The $1.9 trillion COVID relief package raises the Child Tax Credit from $2,000 to as much as $3,600, depending on the child's age and the family's income. And qualifying parents will receive payments monthly rather than as part of their tax refunds. Payments will start this summer. While these and other details have been available for months, one key piece of information remained murky — the program's start date . The Treasury Department and Internal Revenue Service (IRS) recently ended the suspense. READ MORE: Stimulus Check Latest: Will You Get A Fourth Relief Payment? When Will The Child Tax Credit Payments Start? Child Tax Credit payments will be automatically deposited on a monthly basis starting July 15 . Each subsequent payment will be issued on the 15th of the month through December of 2021. If the 15th is a weekend or holiday, the money will… Read full this story
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