$3,000 Child Tax Credit , to Begin in July, Says IRS.
IRS Commissioner Charles Rettig addressed the credit on Tuesday during a Senate hearing.
It is part of the Biden administration's American Rescue Plan.
For the 2021 tax year, the credit equates to $3000 for children between the ages of six and 17.
And $3600 for children under 6 years old.
Individuals making less than $75,000 and couples making less than $150,000 annually will receive the full credit.
If children meet the age requirements and individual or family income is within the threshold, .
There is no limit to the number of children that may receive the credit.
The credit will be implemented for one year
