Today, 3 million Florida families will start to see child tax credit payments hit their bank accounts. It’s part of the American Rescue Plan, which was delivered by President Biden and Congressional Democrats to get the economy back on track and rebuild the middle class.
More than 90% of American families qualify to receive automatic monthly payments, which start going out today. That’s nearly 40 million households across the country.
This is big. The expanded Child Tax Credit provides historic relief for millions of working families and is expected to cut child poverty in half.
The expanded child tax credit will put money directly in the pockets of hardworking families. Qualifying families that receive a tax refund through direct deposit can expect payments automatically, no action needed. Low income families that do not file taxes can also easily sign up at ChildTaxCredit.gov.
This historic investment is part of President Biden’s initiative to build back better. The expanded child tax credit helps to ensure parents can provide for their families as we recover from the pandemic.
It’s been a tough year for Florida families, but thanks to President Biden, help is here.