American families are about to get a boost. The IRS will start sending out the new $3,000 child tax-credit payments in July.
Unlike past payments in COVID relief packages, these will be made on a monthly basis rather than one lump sum.
Families will receive $3,000 per child ages 6 to 17 but there are income limits.
The full credit is available to individuals with children and adjusted gross income of less than $75,000 or $150,000 for a married couple filing jointly.
The credit is designed to give the largest financial benefit to the lowest income families.
The monthly payments will continue through December.
