The first of the Child Tax Credit (CTC) advance payments were arranged to be sent out by the Internal Revenue Service (IRS) starting on Thursday, July 15 last week.
The advance payments, approved in the March 2021 American Rescue Plan Act (ARPA), have been set aside for families making less than $150,000 per year, or single parents making less than $75,000 per year. Roughly thirty-six million families qualify under these restrictions, according to the IRS. these families contain nine out of every ten American children.
The ARPA made three key changes to the function of the Child Tax Credit. First, the […]
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