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New York City families will likely get federal stimulus payments in as little as two weeks should the House of Representatives pass this week the COVID-19 relief package that the Senate approved Saturday, Senate Majority Leader Chuck Schumer said Monday.
The child tax credit changes are a vast undertaking, tax experts say. All taxpayers earning under $200,000 with children 17 or under living with them at least half the year can claim the credit.
Biden’s bill increases the credit to $3,000, from $2,000, for each child aged 6 to 17 for parents earning under $75,000 each and allows the monthly installments to supplement incomes and reduce child poverty.
Nina Olson, executive director of the Center for Taxpayer Rights in Washington and the IRS’ national taxpayer advocate from 2001 to 2019, said a key challenge would be determining whether the children actually lived with their parents, which could hold up the payments.
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