Government

Bureau of Internal Revenue to Start Making Advanced Child Tax Credit Payments From August Through December

The V.I. Bureau of Internal Revenue announced Tuesday the implementation of the Advance Child Tax Credit payments which is being funded through the American Rescue Plan of 2021. The bureau said it will make five monthly installment payments beginning in August and ending in December 2021. Taxpayers eligible for the Advance Child Tax Credit will receive 50 percent of the $3,000 Child Tax Credit amount. For the majority of taxpayers, this will be $300 ($1,500/5 months) per child per month. Taxpayers with children under the age of 6 will not receive the additional $600 amount at this time, according to the bureau, as B.I.R. said it is continuing to obtain and process the data needed to determine those taxpayers who are entitled to the increased amount. These taxpayers will receive the balance owed to them as part of their 2021 refund, according to the release. Taxpayers are also informed about the income thresholds for eligibility for the advance payments. Taxpayers with income above...