Dental work for her daughter. Extra lessons for her son. Repairs for the family car.
Lily Marquez, 40, says those are her first spending priorities for the expanded child tax credit that could add as much as $7,200 to her family’s tight budget this year.
“We’re living paycheck to paycheck,” says Marquez, whose husband’s $65,000-a-year salary provides for their family of four living in San Francisco. “We’ve made sacrifices. We’ve prioritized rent, and food and those necessities. That additional money is going to make a difference for us.”
The American Rescue Plan, passed in March, gave a temporary boost to the child tax credit, increasing the amount of money low- and moderate-income families will receive and the number of children and households who are eligible for it this year. The law increases the credit to $3,000 for each child age 17 and under, and to $3,600 for each child under age 6. Families will receive an advance equal to half that amount in monthly checks of $250 or $300 that begin rolling out in July and continue through December.
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