Next CTC payment deposited into bank accounts on Oct. 15
Congressman Brian Higgins expressed his support to extend the expanded Child Tax Credit for the next five years through the Build Back Better Act, which builds on the success of the American Rescue Plan and invests in the American people. Expanded Child Tax Credit payments began on July 15 and will continue each month through December. The next round of payments will be deposited into bank accounts on Oct. 15.
“The Child Tax Credit is essential in lifting families out of poverty and ensuring children that their basic needs are being provided for,” Higgins said. “It is imperative that the Child Tax Credit is solidified through the next five years so we can continue to provide security and improve quality of life for current and future generations.”
Earlier this year, the House passed the American Rescue Plan, which expanded the Child Tax Credit to a total of $3,600 per child 5 and under and $3,000 for those 6-17 for 2021 only. It allows families to receive half of the credit in monthly payments of $250-$300 per child from July through December.
Congress is currently debating what will be included in the Build Back Better Act, with plans for a vote on the transportation, climate and human infrastructure package possible in October.
In order to continue assisting families and lifting children out of poverty, Higgins is advocating to extend the expanded Child Tax Credit through 2025 by ensuring it is included in the Build Back Better Act. His team said, “This continued funding gives families peace of mind and recognizes the paramount importance of raising families with security and stability. It is not only vital for the Western New York community, but for the future of our country.
“In its first month, the expanded Child Tax Credit lifted over 3 million children out of poverty. Experts predict the expanded Child Tax Credit will cut child poverty by as much as 50% if it is extended beyond 2021. The increased monthly payments help families provide their children with basic needs like clothing, food, housing, health care and child care. Additionally, it allows them to save for emergencies, which the COVID-19 pandemic has made more probable.”
The Child Tax Credit benefits 136,400 children in NY-26 and nearly 400,000 across Western New York. The average payment per household in New York is $412. Across the country, an estimated 83 million children are benefitting from the program.
Moreover, 91% of families in NY-26 are eligible to receive the expanded Child Tax Credit. Most families receive the payment each month automatically, but some, including those who did not file taxes last year, may need to take additional steps. Families with children 17 and under who are not currently receiving the payments can enroll by answering a few questions at www.getCTC.org.