WASHINGTON - Millions of American households are set to receive their second round payments of the Biden administration’s expanded child tax credit.The Internal Revenue Service and Department of the Treasury announced Friday that more than $15 billion have been dispersed in the August batch of payments.
The tax credit gives parents an additional $3,600 per year for every child younger than 6, and $3,000 per year for every child between 6 and 17 years old.
Families who opt to receive the credit in monthly payments get $300 for kids younger than 6 and $250 for kids between 6 and 17.Most families will receive their August payments via direct deposit while others have opted for checks in the mail.