FULTON, N.Y. (WSYR-TV) — The American Rescue Plan passed in March included an expansion on the current child tax credit that will provide thousands of dollars for families across Central New York.
U.S. Senate Majority Leader Chuck Schumer was in Fulton Tuesday afternoon to detail the expansion, which will greatly impact the families in Oswego County. Oswego County has one of the highest rates of poverty in New York.
Schumer says the plan takes action to combat child poverty across the U.S. and could cut it in half.
The plan increases the tax credit from a maximum of $2,000 to as much as $3,600 per child and will include the option for families to receive monthly installments. For parents with children under the age of 6, the credit will be slightly higher.
Monthly payments would begin in July. Families would receive payments until June 2022.
The senator said the return on investment of our nation’s children is far greater than the cost of this program. He hopes to make the tax credit expansion permanent.
Schumer also quickly discussed the American Rescue Plan’s support for state and local governments, schools, transportation, pension reform, and funding for restaurants and more.
He said the money in the bill should give the U.S. economy a big boost that’s needed.
Click the player below to watch Schumer’s briefing: