Rep. Luria Highlights Expanded Child Tax Credit
Press Release
Congresswoman Elaine Luria today released new data collected by Co-Equal detailing the benefits of the expanded and improved Child Tax Credit (CTC) in Virginia's Second Congressional District. The data find that 138,800 children will receive the monthly CTC payment. This benefit, included in the American Rescue Plan, will be transformative for middle class families and lift more than 6,700 children out of poverty.
"By expanding the Child Tax Credit in the American Rescue Plan, our nation made a commitment to the parents and families who've struggled during the pandemic," Rep. Luria said. "These payments, which will help a stunning 138,800 children and their families throughout the year, will assist with the costs of essentials like food, childcare, diapers, health care, clothing, and paying taxes. Families across Coastal Virginia will feel more secure and better able to deal with regularly-occurring expenses that have only become more burdensome since the onset of the COVID-19 pandemic."
138,800 children, more than 86 percent of all children in Coastal Virginia, will benefit from the monthly CTC checks. Additionally, the expanded and improved CTC lifts 6,700 children in Virginia's Second Congressional District out of poverty and 3,000 children out of deep poverty. The average benefit for 47,100 households is $2,600 annually. Families with children in poverty will receive $4,600 on average.
The American Rescue Plan Act, signed into law March 11, made the child tax credit fully refundable for 2021 and increased the annual amount from the current $2,000 per child to $3,000 per child ($3,600 for a child under age 6). The law directs the Secretary of the Treasury to issue advance payments of the child tax credit, based on the parents' 2019 or 2020 tax returns. Those eligible to receive the expanded child tax credit are single filers earning up to $75,000, head of household filers earning up to $112,500, and joint filers earning up to $150,000. Above these thresholds, the payments are phased down.
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