The American Rescue Plan Act of March 2021 expanded the Child Tax Credit for tax year 2021, resulting in more families receiving an increased monthly payment for each child they have, ranging from $250 to $300 a month, based on family income and child age.
Families can use their payments for any number of purposes—e.g., paying for food, debt, housing or even putting the money into a savings account. So it’s particularly interesting to learn that many parents or caregivers are choosing to invest in their children’s education.
