More money for families as part of new COVID-19 relief bill

More money for families as part of new COVID-19 relief bill

WATERTOWN, N.Y. (WWNY) - A tax credit change in the new COVID relief bill means more money for some families, and a change in how they receive it.

The American Rescue Plan Act, signed into law this week, bumps up the $2,000 federal child tax credit to $3,600 for kids up to five years old, and $3,000 for those six through seventeen.

Parents will also receive a portion of this credit as a direct payment- $300 per child per month starting in July.

Jefferson-Lewis Childcare Project Director Cathy Brodeur says it’ll be a boost to north country families.

“You can start to have stability, and not have to deal with the constant crisis of ‘how are we going to make this bill?’ You know that this $300 coming next month, it will will make a big difference,” Brodeur said.

The tax credit change is aimed at single earners making up to $75,000, or a joint return of up to $150,000.

It lasts until the end of the year, but Brodeur says if the change proves helpful to families, there should be an appetite to continue it.

Copyright 2021 WWNY. All rights reserved.