$3,000 Child Tax Credit to Begin in July, Says IRS

$3,000 Child Tax Credit to Begin in July, Says IRS

$3,000 Child Tax Credit , to Begin in July, Says IRS.

IRS Commissioner Charles Rettig addressed the credit on Tuesday during a Senate hearing.

It is part of the Biden administration's American Rescue Plan.

For the 2021 tax year, the credit equates to $3000 for children between the ages of six and 17.

And $3600 for children under 6 years old.

Individuals making less than $75,000 and couples making less than $150,000 annually will receive the full credit.

If children meet the age requirements and individual or family income is within the threshold, .

There is no limit to the number of children that may receive the credit.

The credit will be implemented for one year