New Stimulus Bill Includes Expanded Child Tax Credit, but You'll Need to Do This to Get It

Maurie Backman, The Motley Fool
·3-min read
New Stimulus Bill Includes Expanded Child Tax Credit, but You'll Need to Do This to Get It

President Joe Biden's $1.9 trillion American Rescue Plan has already helped millions of Americans by putting stimulus funds into their bank accounts. Thanks to the American Rescue Plan, the credit is increasing to $3,600 for children under the age of 6 and $3,000 for children aged 6 to 16. Half of the newly-expanded Child Tax Credit will be paid to eligible recipients on a monthly basis beginning in July, while the other half can be claimed as an actual credit on 2021 taxes.