Congressman Tim Ryan Announces Child Tax Cut Pumped Nearly $700 Million into Ohio Economy in July
Niles, OH – Congressman Tim Ryan (OH-13) today announced that the Child Tax Credit Payments – which were passed in the American Rescue Plan Act by House and Senate Democrats and signed into law by President Biden – pumped $688,550,000 into the Ohio economy in July alone. According to a new study, in July this tax cut for working families put a $550,840,000 into the pockets of Ohio’s families and benefited 2,169,000 Ohio children. As August payments begin to arrive today for hardworking families, this new study estimates the Child Tax Credit Monthly Payments will continue to pump $18.6 billion into local economies across the country every month.
“This historic tax cut is putting more money into the pockets of hardworking families across Ohio. The best part is that we didn’t just cut taxes for families in our community; Child Tax Credit Payments are also stoking business at local stores and restaurants and supporting jobs across our state,” said Congressman Tim Ryan. “I was proud to vote for this tax cut for working families and look forward to the ongoing benefit it will provide Ohioans as folks get back on their feet and back to work.”
These payments were delivered as part of the American Rescue Plan Act and more than 45,000 families in Ohio’s 13thCongressional District (92.4% of all children) qualify to receive up to $300 per month per child through December.
Families who did not file a tax return for 2019 or 2020 and who did not use the IRS Non-filers tool last year to sign up for the Economic Impact Payments, should go online and use the IRS Child Tax Credit Non-filer Sign-up Tool to sign up today.
Major Relief for Nearly All Working Families:
How Much Is the Child Tax Credit Expansion from the American Rescue Plan?
The American Rescue Plan expanded the Child Tax Credit to up to $3,600 per child for children ages 0 to 5 and $3,000 per child for children ages 6 to 17.
The American Rescue Plan also authorized advance monthly payments of the Child Tax Credit through December 2021. Beginning in July and running through December, qualifying families can get up to:
· $300 a month per child for children ages 0 to 5.
· $250 a month per child for children ages 6 to 17.
Families will get their remaining expanded Child Tax Credit when they file their 2021 tax return.
Families will qualify for a full credit if their income is below $75,000 for single filers, $112,000 for people filing as head of household, or $150,000 for people who are married and filing jointly.
How Do I Get My Payment?
· Nearly all hardworking families should get their monthly payments automatically beginning July 15th with no further action required. If you’ve filed tax returns for 2019 or 2020, or if you signed up to receive a stimulus check from the Internal Revenue Service, you will get this tax relief automatically. You do not need to sign up or take any action.
· Families who did not file a tax return for 2019 or 2020 and who did not use the IRS Non-filers tool last year to sign up for the Economic Impact Payments, should go online and use the IRS Child Tax Credit Non-filer Sign-up Tool to sign up today.
· Families who got their refunds from the IRS through direct deposit will get these payments in their bank account around the 15th of every month until the end of 2021. People who don’t use direct deposit will receive their payment by mail around the same time.
· Families will be able to determine their eligibility, check the status of their payments and more at IRS.gov/childtaxcredit2021 later this month.
Watch out for scams
According to IRS.gov: “The IRS urges everyone to be on the lookout for scams related to both Advance Child Tax Credit payments and Economic Impact Payments. The IRS emphasized that the only way to get either of these benefits is by either filing a tax return with the IRS or registering online through the Non-filer Sign-up tool, exclusively on IRS.gov. Any other option is a scam.
Watch out for scams using email, phone calls or texts related to the payments. Be careful and cautious: The IRS never sends unsolicited electronic communications asking anyone to open attachments or visit a non-governmental web site.”