“The expanded Child Tax Credit helps working families manage their bills during these uncertain times and helps put money back into our small businesses,” Congresswoman Luria said. “I was proud to support the American Rescue Plan, which included the expanded Child Tax Credit, $1,400 direct payments to hard-working Virginians, $2.2 billion for Virginia’s schools, and $114 million for Virginia law enforcement. There is still more to do in order to recover from the COVID-19 pandemic and fully restore our economy, which is why I’m committed to supporting the Bipartisan Infrastructure Framework that will make historic investments in our roads, bridges, and tunnels — and create thousands of good-paying jobs.”
Across the Commonwealth, Virginia families received 934,000 monthly tax cut payments. More than $388 million was delivered, with an average payment of $416. Nationwide, the Joint Economic Committee estimates the Child Tax Credit tax cuts are pumping $19.3 billion into local economies each month, supporting local jobs and businesses.
Most families do not need to act to receive these increased CTC tax cuts. Those eligible to receive the expanded CTC are single filers earning up to $75,000, head of household filers earning up to $112,500, and joint filers earning up to $150,000. Above these thresholds, the payments are phased down. The expanded and improved CTC lifts 6,700 local children out of poverty and 3,000 chilren out of deep poverty.
Click HERE to learn more about the full Joint Economic Committee’s study on how the Child Tax Credit is supporting local economies nationwide.