Washington, D.C. – Today, Colorado U.S. Senator Michael Bennet released the statement below after the Biden Administration announced that the Internal Revenue Service (IRS) will begin distributing the expanded Child Tax Credit (CTC), which was signed into law in the American Rescue Plan, on a monthly basis starting on July 15:
“The expansion of the Child Tax Credit in the American Rescue Plan is the most progressive tax change we’ve made in our country in generations. On top of benefitting 90% of America’s kids and cutting child poverty in half this year, families will receive their payments on a monthly basis. These monthly payments will provide continuous support to help families afford expenses like diapers and childcare – things that can’t wait until tax time.
“The announcement that the IRS will begin distributing the expanded CTC on a monthly basis this summer is welcome news for families across the country – including many families I’ve met with in Colorado – who are experiencing significant financial challenges. We’re going to keep fighting to ensure the expansion of the CTC is made permanent.”
More information on the expansion of the CTC, which is based on Bennet’s American Family Act, is available HERE.