Today, Rep. Cindy Axne (IA-03) is highlighting the wide reach of the expanded Child Tax Credit as another round of monthly tax cuts begin to go out to the families of more than 600,000 Iowa children.
As the fifth round of payments from the expanded Child Tax Credit begin to reach Iowa families today, Axne is lauding a new report from the Joint Economic Committee that shows that 343,000 Iowa families received a Child Tax Credit payment in October for a total of $157.9 million, according to data from the U.S. Treasury Department.
The report also estimates the Child Tax Credit is putting $19.3 billion into local economies across the U.S. each month, supporting local jobs and businesses.
“Not only is the expanded and improved Child Tax Credit helping the majority of Iowa’s families make ends meet, it’s also supporting Iowa’s Main Streets by putting millions of dollars back into our local economies,” said Rep. Axne. “And with the Build Back Better Act expected to come before the full House soon, I look forward to securing a key extension of this benefit to continuing delivering this tax cut to thousands of Iowa families.”
The Build Back Better Act, which is expected to come to a vote in the House this week, includes a one-year extension of the expanded Child Tax Credit.
In March, Rep. Axne and her colleagues approved an expansion of the Child Tax Credit for one year as part of the American Rescue Plan, the most recent federal COVID-19 relief package.
The legislation increased the credit to $3,000 per child, $3,600 for children under the age of 6, and updated the credit to allow it to be disbursed as monthly payments through the end of 2021.
The American Rescue Plan also made both credits fully refundable – as the previous credit was refundable only up to $1,400, leaving an estimated one-third of children in families unable to claim the full credit because of low earnings.
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