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Economy

American Rescue Plan Includes More Money for Families Starting in July

Cash
INC
/
File

Next month could bring some extra cash to families across the country.

The American Rescue Plan, passed earlier this year in Washington, includes an advance on the Child Tax Credit. For families with children under 17, as long as they filed a tax return in 2019 or 2020, they'll automatically be eligible.

Illinois Department of Revenue Director David Harris says most families won't have to do anything to sign up for the money.

"If you filed a tax return in 2019 or 2020, you will get an advance on that tax credit of $250 per quarter, beginning in July."

Harris says there are some families who need to enroll - if they didn't file a return during those years.

"There are roughly 6.2 million individual tax returns filed in the state of Illinois during the course any year. And 750,000 of that 6.2 million have zero income. That's a sizable number."

Additional information is available at childtaxcredit.gov.

Harris cautions parents of children who've turned 18 this year may want to "opt out" of the program - or they may have to pay back the credit when they file their taxes next year.