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As the third round of payments from the expanded Child Tax Credit begin to reach Iowa families today, Rep. Cindy Axne (IA-03) highlighted a new report from the Joint Economic Committee that estimates 343,0000 payments were sent to Iowa families in August.

A total of $157.3 million in tax cuts went back in the pockets of Iowa families in August, including $43.7 million for families in Iowa’s Third Congressional District, according to data from the U.S. Department of Treasury included in the report.

“The expanded and improved Child Tax Credit is making a difference in communities all across Iowa. Not only is it helping the vast majority of Iowans with children raise their families, it’s also putting millions of dollars back into Iowa’s local economies,” said Rep. Axne. “I’m proud of my vote to deliver this critical tax cut for millions of Iowa families, and am working in Congress to preserve this benefit for years to come.”

The report also estimates the Child Tax Credit is putting $19.3 billion into local economies across the U.S. each month, supporting local jobs and businesses.

Later today, Rep. Axne will join First Lady Dr. Jill Biden to highlight the benefits that the Child Tax Credit is bringing to Iowa and how the Build Back Better Act aims to extend these benefits.

In March, Rep. Axne and her colleagues approved an expansion of the Child Tax Credit for one year as part of the American Rescue Plan, the most recent federal COVID-19 relief package.

The legislation increased the credit to $3,000 per child, $3,600 for children under the age of 6, and updated the credit to allow it to be disbursed as monthly payments through the end of 2021.

The American Rescue Plan also made both credits fully refundable – as the previous credit was refundable only up to $1,400, leaving an estimated one-third of children in families unable to claim the full credit because of low earnings.

Rep. Axne is a co-sponsor of legislation to make the expansion of the Child Tax permanent, as well as index the credit to inflation.

Author: Press Release