The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly advanceable Child Tax Credit from the American Rescue Plan will be made on July 15. Roughly 39 million households covering more than 65 million children, or 88% of children in the United States, are slated to begin receiving monthly payments without any further action required. Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above. The American Rescue Plan increased the maximum Child Tax Credit in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children between ages 6 and 17. The legislation is projected to lift more than 5 million children out of poverty this year, cutting child poverty by more than half. Since March 12, the IRS has also distributed approximately 165 million Economic Impact Payments with a value of about $388 billion as a part of the American Rescue Plan. Additional information for taxpayers on how they can access the Child Tax Credit will be available soon on at IRS.gov/childtaxcredit2021.