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A MASSIVE new boost to the child tax credit could be on the way for millions of Americans.
Illinois lawmakers are proposing a new child tax credit that could see families receive payments worth $600 a year.
The move could benefit millions of families as about 2.2 million children in the state received federal child tax credits.
If the proposal passes, eligible families with children under the age of 17 could receive $600 a year.
The credit will be fully refundable and delivered when Illinois residents file their state taxes, according to WGEM.
Read our live blog on the Child Tax Credit for the latest news and updates…
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What if the IRS doesn’t have my bank information?
If the IRS does not have your bank account information on file, your payments will be issued by check by mail, rather than direct deposit.
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How do I update my bank information?
To add or change your bank, you can do so through the Child Tax Credit Update Portal.
Once a change is made, it may not be reflected in the next payment, due to processing times.
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What is CHILDCTC?
His bank account labels deposits for the child tax credit as CHILDCTC, according to the White House website.
If you received your child tax credit payments electronically, the transactions will label the business name as “IRS TREAS 310” and the text description as “CHILDCTC.”
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