Expanded Child Tax Credit Payments Begin

Parents in some 15 million households are seeing some more money in their bank accounts today.

It's because of the expanded child tax credit passed under the American Rescue Plan.

"It's historic and it's our effort to make another giant step toward ending child poverty in America," President Biden said.

The COVID relief package increased the annual credit from $2,000 per child up to $3,600. Half of that money is coming in monthly payments for the next six months and the other half can be claimed at tax filing time.