NASHVILLE, Tenn. (WTVF) — The families of some 61 million children could see their monthly Child Tax Credit payments end after next week if Congress does not move quickly. The Build Back Better Act, which passed in the House, includes a one-year extension of the monthly payments, but the legislation still faces hurdles in the Senate.
The IRS has told some lawmakers the bill needs to pass by December 28 for payments to continue smoothly heading into January, according to Senate and House congressional aides.
Monthly payments so far have been distributed on or around the 15th of each month, meaning the January 15 payment could be in jeopardy.
Eligible families will receive their sixth and final monthly payment as part of the American Rescue Plan on December 15. The payments — $300 per child under 6 and $250 per child ages 6 to 17 — started in July.
Now Democratic lawmakers are racing to keep them going.
The monthly payments have been credited with reducing the number of children in poverty in the U.S. by more than 40% – which would be wiped out without an extension, the progressive Center on Budget and Policy Priorities warned.
Before the payments, families of 27 million children, including roughly half of Black and Latino children and those in rural communities, received less than the full credit amount received by higher-income children.
An estimated 9.9 million children are at risk of slipping back below the poverty line if the expansion isn't extended, the CBPP found.
That includes 3.8 million Latino, 2.9 million White, 2.1 million Black, 426,000 Asian and 280,000 American Indian children.
