Washington (July 25, 2003) -- The first batch of child tax credit advance payment checks have hit the mail.
The checks are being sent out as a result of the Jobs and Growth Tax Relief Reconciliation Act of 2003 which accelerates the child tax credit from $600 to $1,000 per child effective in 2003 and 2004.
"It's always exciting news to be able to tell people they will be getting more money. Over the next few weeks, millions of Americans and their families will be receiving their child credit checks. They will be able to use that money to save for their child's education, buy back-to-school clothes and school supplies, or use it to help make ends meet," said Treasury Secretary John Snow.
This year, a typical family with one child will receive a check for $400. A typical family with two children will receive a check for $800. In all, approximately 25 million families will receive checks totaling $14 billion.
The amount of advance payments will be based on taxpayers' 2002 filing status and income, as well as the number of children claimed on their 2002 tax return who will still be under age 17 in 2003.
-- WebCPA staff
