It’s not every day that it pays to be a parent. I mean, some days as a parent, you just feel like you’re losing your dang mind.
Well, the actual payday may be coming soon because parents may be getting $3,000 payments per child amid pandemic.
According to reports, House Democrats are currently working on legislation (proposed by President Joe Biden) to expand the existing child tax credit.
This would direct the IRS to send recurring monthly payments to American families.
In one draft of the proposal, the IRS would deposit checks worth $300 every month per child younger than 6 and $250 every month per child age 6 to 17.
This means that parents would receive $3,000 per year for each child between the ages of 6 to 17, and $3,600 per child under age 6.
So, how do you know if you are eligible?
Well, eligibility for the benefits would be similar to the stimulus checks and would be based on family income for the prior tax year. It would then be phased out at a certain income amount, the Post reported.
Under the draft legislation, families would be eligible for the full monthly benefits even if they owe more in taxes than the credit value, according to the newspaper.
This would honestly provide some needed help to families during this time.
Especially for parents that are having to work outside the home and pay for daycare or babysitting.
As of right now, that is all we know but as soon as we know more, we will update you!