PHILADELPHIA (KYW Newsradio) — Philadelphia families stand to gain a total of more than $100 million from the Child Tax Credit that was part of the American Rescue Plan, if everyone takes advantage of it.
The tax credit is being paid in advance - $300 per month per child, beginning in July. If you have filed income taxes in the past two years, you will automatically get the payment.
However, Mary Arthur of the Campaign for Working Families estimated that about 100,000 families in Philadelphia don't file because they don't meet the income threshold.
They are still eligible, but they must apply for the program. CWF assists with applications.
"It's there for you. It's there for your children. Don't lose this opportunity," said Arthur.
Links:
- Child tax credit (application)
- CWF (application assistance)
Congressman Brendan Boyle (D-Philadelphia) said the credit is projected to reduce child poverty by 50%.
"You have to go back to 1965 to find the last time we had such a reduction in child poverty in the United States," said Boyle.
According to Congresswoman Mary Gay Scanlon (D-Delaware County), the Child Tax Credit could lift as many as 8,500 children out of poverty in her district.
"The impact of those payments is going to be life-changing for families," she said.
She added that for her, the next step is to make the credit permanent.
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CORRECTION: An earlier version of this story incorrectly stated when the tax credit payments will begin.