As a result of the House of Representatives passing the Build Back Better Act, the payments to left out Americans are now a reality.
Reports on newsweek.com claim that the much-touted Build Back Better Act helmed by Joe Biden would extend the monthly Child Tax Credit till the end of 2022.
In spite of the stiff $2 trillion price tag, the bill would be challenging to pass in the Senate. If it becomes law, eligible guardians would receive checks for another year.
As a result of the passage of the American Rescue Plan, legislators increased the contributions under the Child Tax Credit to $3,600 for children under six and $3,000 for those between 6 to 17.
As a result, the government restructured how Americans received the credit. Instead of receiving their estimated credit as a lump-sum amount when they filed their taxes, they are now receiving half that amount as monthly payments of $300 for each child under six, and $250 for all other eligible children.
Can Citizens expect to receive checks until 2022?
If the Senate passes Build Back Better, these payments are likely to continue after December. Keep in mind, though, that the pandemic may still be causing the stimulus to end.
The Build Back Better Act would allow the full amount to be distributed to citizens in monthly installments. As of today, citizens receive half the credit in monthly installments and the rest when they file their tax returns.
Stephanie Bonin, who has petitioned for $2,000 monthly payments on Change.org, says the latest stimulus package is not comparable to the previous three doles out.
A child’s dependents must be a son, daughter, foster child, adopted child, brother, stepbrother, stepsister, or descendent of any of them in order for the Child Tax Credit to be paid, and the guardian must have filed a 2019 or 2020 tax return.