More economic relief for families is on the way!
Through this third round of Economic Impact Payments from the U.S. Government, as of March 17, 2021 more than $242 billion dollars of much needed relief will be received by Americans and their families. Those eligible will receive up to $1,400 for individuals or $2,800 for married couples, plus $1,400 for each dependent.
However, many families are unaware of the expansion of the Child Tax Credit that was passed as part of this plan. See below regarding key highlights of this:
- Child Tax Credit has been increased from $2,000 to $3,600 for children under age 6 and $3,000 for children under age 18.
- Credit Amounts will be made through advanced payments during 2021 starting July 1 through December 31, 2021.
- The credit is now fully refundable.
- The credit is now extended to Puerto Rico and the U.S. Territories
For your copy of the full Fact Sheet on this, please click here.
Operators are standing by at our office if you have questions regarding this.
Cheers,
Ed Mazur