Sunday, July 3

Child Tax Credit 2022: Could you receive a double monthly payment in February?

Parents in the United States could have some potentially good news on the way, with there possibly being a double Child Tax Credit payment on the way in February.

This is thanks to the Build Back Better bill, which will go to a vote in January. However, before you start to think that this is a certainty, it is worth noting that various news outlets are not so optimistic.

The hope is that, even if the legislation manages to pass, there are unlikely to be advanced Child Tax Credit payments for January.

Will the bill include advance Child Tax Credit payments?

In 2021 millions of parents in the US were able to benefit from advance Child Tax Credit payments, and there is hope that the revised version of the Build Back Better bill will include the extension of the improved Child Tax Credit payment terms, as White House press secretary Jen Psaki recognised.

“If we get it done in January, we’d talk to Treasury officials and others about doing double payments in February as an option,” said Psaki, as she addressed reporters on December 17.

“The president wants to see this move forward. It’s a priority for him as soon as Congress returns.”

Benefits for parents

Should the advance Child Tax Credit payments remain in the revised Build Back Better bill, parents will be able to receive $600 for each child under six in February, and $500 per child between six and 17.

Then, in March, the payments would go back to the usual monthly amount that parents had received in the second half of 2021.

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Sen. Joe Manchin’s vote is required for the Build Back Better bill to pass and, with him having voiced his desire for social spending to be decreased, the advance Child Tax Credit payments hang in the balance.

As a study from the Center on Poverty & Social Policy at Columbia University discovered, the advance Child Tax Credit payment in November ensured that 3.8 million children were kept out of poverty.

Source

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