In advance of the Thanksgiving holiday, Congressman Steve Cohen (TN-09) today announced that U.S. Treasury Department figures indicate an estimated 148,000 children in Tennessee’s 9th Congressional District qualified for the enhanced Child Tax Credit (CTC) authorized by the American Rescue Plan and received $38.2 million in November alone.
Statewide in Tennessee, 1,297,000 children qualified for advance CTC payments in November. Tennessee households received 766,000 payments totaling $335.5 million. The average payment per household was $438.
Congressman Cohen made the following statement:
“The enhanced Child Tax Credit is putting more money back into the pockets of Memphis families this holiday season to offset rising costs. Hundreds of dollars in tax cuts for 9th Congressional District families the week before Thanksgiving is both timely and much-needed, and is one more thing to be thankful for this year.”
Nationwide, the Treasury Department has distributed nearly $77 billion to the families of more than 61 million children in just five months.
The American Rescue Plan (ARP) dramatically increased the value of the CTC, from $2,000 per child to up to $3,600 per child under six and $3,000 per child six and older. The ARP also expanded the CTC so that it is now fully refundable, and previously ineligible low-income families will receive the full credit. The Build Back Better Act would extend the expanded, monthly CTC payments into 2022 and make the CTC permanently refundable so that low- and middle-income families continue to receive the full credit over the long run.
Original source can be found here.
