US Senator Dick Durbin says temporary advance federal tax credits for some families with children are scheduled to begin July 15th.
Those who are eligible will automatically receive the $300 a month for children under six and $250 a month for children 6 to 17.
Durbin says the temporary measure will bring more than 338,000 kids in Illinois out of poverty. And he says with more dollars in the pockets of working-class moms and dads, the credits should help create more economic activity.
“So if you are looking at it from a purely economic viewpoint, you want to inject money into an economy that’s starting to get back on it’s feet. You give it to lower and middle income family because they have a lower marginal propensity to save if you remember your economics course, and more likely to spend it. They spend it in the economy and more people go to work producing the goods and services that they are buying. So it is a good economic stimulus when everybody needs it.”
Taxpayers can opt out of the monthly benefit and have it all delayed until taxes are filed in 2022. The benefit for now is only slated to run through the end of the year.
The IRS says information provided earlier to determine if you qualify and automatically enroll you for advance payments.
