CLEVELAND – The $ 1.9 trillion US bailout has lost changes to the child tax credit that will soon put extra money in the pockets of parents in Ohio.
“Ninety-two percent of Ohio’s children are eligible,” said Senator Sherrod Brown, who helped add the expanded monthly benefits to the US bailout.
It increases the child tax credit to $ 3,600 per year for each child under six and to $ 3,000 for those six to 18 years old. The increases will be paid in monthly installments of $ 250 to $ 300 starting July 15.
Senator Brown hosted a roundtable earlier this year where Myesha Crowe of Cleveland, a mother of two young daughters, told her it was money already spent.
“There are times when I feel like I’m paying a second mortgage to have my kids in daycare where $ 700 a month is just too much, but when you think about the future and early development of your children, the investment just seems it’s obligatory, like you have to, âCrowe said. “So when I think of this help, it will be a big help.”
The IRS will be in charge of the payments, the same agency that still has a 35 million return backlog. As head of the banking committee, Brown said he was not concerned.
âI’ve spoken to the Treasury Secretary since the day it was confirmed to make sure they could withdraw the checks every month starting July 15th, they were ahead of schedule to put this in place. She is confident that the checks will be sent monthly, âBrown said. âI spoke with the new IRS commissioner, a person appointed by Trump who has been very cooperative and wants to make this work work and I said it is as important as it has ever been in government.
The credit will be available to individuals earning up to $ 75,000 per year or couples earning up to $ 150,000. This is important because these monthly payments are an advance of this expansion, so it is money that you would have received next April and currently it is based on what you earned in 2020 or 2019 – so if your situation improved in 2021 beyond these income thresholds, you may want to opt out.
Individuals don’t have to do anything to register, but Brown said it’s important to keep spreading the word.
“I have no doubts that it will be an overwhelming success. I know some people will be left behind,” he said. “Your newscast on Channel 5 will help ensure that fewer people are excluded and we will continue to proclaim that in every way possible.”
Parents of 2021 newborns are eligible for monthly payments. They must first complete a form in the IRS portal still being installed. If they don’t, they’ll still receive all of the money when they file their taxes next April.