(KYMA/KECY) - Some U.S. families with children will soon have more spending money in their pockets. The IRS will begin sending out payments this summer to some low- and moderate-income families depending on the age of their kids.
Families will get monthly payments of $250 to $300 starting in July through December.
The payments are a part of the increase to the 2021 Child Tax Credit from the American Rescue Plan that passed in March.
Previously, the amount was $2,000, now it is $3,000 per child or $3,600 for children under the age of six.
The change also allows 17-year-olds to qualify for the first time.