By Emily Nadal
Families may start to see some extra money in their bank accounts as soon as next week – as the first payments from the federal Child Care Tax (CTC) credit are disbursed.
The CTC credit was a part of the most recent stimulus package passed earlier this year.
“These payments represent the largest anti-poverty program in a generation,” said Rep. Alexandria Ocasio-Cortez in a press conference held on July 8th. “The Child Tax Credit has the potential to cut child poverty in half, but only if New Yorkers are able to access it.”
The credit is worth $3,600 for each child under 6 and $3,000 for children ages 6-18 to be disbursed in monthly installments of $250 or $300, respectively. Single parents making under $75,000 are eligible for the payments, as are married couples making less than $150,000 combined.
“The large majority of New Yorkers, not the very wealthy, not the high-end, but everyone else will get this,” said Senator Chuck Schumer, who championed the legislation. “If you regularly file your taxes and you file your 2020 taxes, you will get this money.”
Schumer and Ocasio-Cortez, who were joined by Congressman Jerry Nadler, explained how they fought to eliminate barriers to access.