Monthly child tax credit payments set to expire Dec. 31

Money for millions of families with children could be coming to an end if Congress doesn't act...
Money for millions of families with children could be coming to an end if Congress doesn't act now to renew the enhanced child tax credit set to end Friday.(WBRC)
Published: Dec. 27, 2021 at 11:06 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

BIRMINGHAM, Ala. (WBRC) -Money for millions of families with children could be coming to an end if Congress doesn’t act now to renew the enhanced child tax credit set to end Friday.

According to studies, the enhanced payments cut child poverty by 25% in its first month alone helping three million kids.

The child tax credit was increased to $3,000 with a $600 bonus for children under the age of 6. $300 monthly payments have been going out since July.

A.J. Ruffin the CEO of Jefferson Matthew wealth solutions in Birmingham says if Congress doesn’t act then those impacted will really need to come up with a plan to make ends meet.

“At the end of the day, one of the biggest things you are going to have to make sure you do is write down a budget and plan everything out so that when tough times come and they will you have to make sure you’ll be able to weather those storms,” Ruffin said.

The Center on Budget Policy Priorities says 10 million children could fall back into poverty if this tax credit expires. The standard child tax credit worth $2,000 per child will still be in play, but the monthly advance payments will come to an end.

CLICK HERE TO GET THE WBRC FOX6 NEWS APP

Copyright 2021 WBRC. All rights reserved.