This week, families and parents across New Hampshire will see their incomes rise thanks to the expanded Child Tax Credit. As part of the American Rescue Plan that was signed into law earlier this year, the new monthly Child Tax Credit will give families an annual income boost of up to $3,000 for children ages 6 to 17 and up to $3,600 for each child younger than 6.
In every corner of the Second District, I hear from Granite Staters who work incredibly hard to create a better future for their kids but still struggle to pay for health care, housing and child care. This historic investment is geared to support over 90% of Granite State families as we continue to build back better from the pandemic.
The expanded Child Tax Credit payments, which will begin hitting bank accounts monthly on July 15, will help ensure more than 200,000 children and their families in New Hampshire can succeed and thrive. By putting more money in the pockets of parents, we can help families meet their basic needs and support main street businesses while doing so.
The COVID-19 pandemic has pulled back the curtain on longstanding issues throughout our communities and our economy, and this past year has taught us how important a few hundred dollars each month can be in alleviating financial burdens and supporting families.
The good news is that most parents don’t need to do anything to claim the expanded tax credit. If you have already filed your 2020 tax return, your benefit should be directly deposited into your bank account or arrive as a check in the mail. This benefit will continue on or around the 15th of each month through the end of 2021. If you have not done so already, you will need to file a 2020 tax return to receive the monthly payments.
As the mom of two boys, I know the challenges that face working families. From balancing a budget to finding child care and figuring out how to pay for college, Granite State families had a lot on their plate even before the COVID-19 public health and economic crisis.
The expanded Child Tax Credit is the most significant investment the federal government has advanced to support families in decades, and I was proud to help pass this benefit as part of the American Rescue Plan. This unprecedented investment in the health and well-being of our nation’s children will help future generations to grow up to be stronger and more resilient workers who will help keep our economy growing well into the 21st century.
(Rep. Annie Kuster represents New Hampshire’s Second Congressional District in the U.S. House of Representatives. Visit IRS.gov/childtaxcredit to learn more about the expanded Child Tax Credit.)