Underwood: American Rescue Plan’s Child Tax Credit Lowered Taxes for Illinois 14th District Families by $35.6 Million in August; September Tax Credits to Hit Bank Accounts this Week
WEST CHICAGO – Today, Congresswoman Lauren Underwood (IL-14) praised a new report from the Joint Economic Committee estimating that Child Tax Credit (CTC) advance payments benefitted 141,000 children from 87,000 families in Illinois' 14thCongressional District in August alone, totaling $35.6 million in tax cuts for 14th District families with children.
Statewide, 1,362,000 CTC monthly payments went to Illinois families in August for a total of $578.6 million. The average payment per household was $425.
Nationwide, the Joint Economic Committee estimates CTC payments are pumping $19.3 billion into local economies each month, supporting job growth and local businesses. Data from the Census Bureau show that families are spending these tax savings on food, internet, and school expenses.
"The Child Tax Credit is putting money back in the pockets of hardworking Illinois families and lowers taxes for families by about $35.6 million per month in our Congressional District alone. This is helping families pay for child care, cover school expenses, and aid our economic recovery by supporting local restaurants and businesses," said Underwood. "That is why I support extending this important tax cut as part of the Build Back Better Act that Congress is developing."
The next round of CTC monthly payments will go out to families this week, starting September 15.
Families can ensure they are enrolled for advance payments or make updates to their payments using the IRS Child Tax Credit Update Portal.
Click here to learn more about the full Joint Economic Committee's study on how the Child Tax Credit is supporting local economies nationwide.
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