It's official -- the first batch of child tax credit advance payment checks have hit the mail. Eligible taxpayers whose social security numbers end in 00-33 will start getting their checks this week. The next batch start going out Aug. 1.
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.
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.
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