Starting from July 15, 2024, the U.S. government will commence the disbursement of monthly Child Tax Credit payments. This initiative aims to provide substantial financial support to qualifying households nationwide. Families with children under six will receive $300 per month, amounting to $3,600 annually. Similarly, households with children up to 17 years old will also receive $300 monthly, totaling $3,600 yearly.
The first payment is anticipated around mid-July 2024, though the exact date may vary. The Child Tax Credit (CTC) allows eligible families to reduce their federal income tax for each qualifying child under 17, as detailed on the IRS website.