For about 24 years, there's been a child tax credit for families with children. That credit gives $2,000 per child in tax credits. But the $1.9 trillion American Rescue Plan approved by Congress, the Senate, and President Biden includes a nearly doubling of the child tax credit. The new covid relief bill changes the tax credit from $2,000 to $3,600.
It also helps more low-income families and gives out the credit's benefit through monthly cash payments.