In one draft of the proposal, the IRS would deposit checks worth $300 every month per child younger than 6 and $250 every month per child age 6 to 17. This would give parents $3,000 per year for each child between the ages of 6 to 17, and $3,600 per child under age 6.
The source also confirmed to CNN that House Ways and Means Committee Chair Richard Neal of Massachusetts is directly involved in the effort to write the expansion of the child tax credit, as well as House Appropriations Committee Chair Rosa DeLauro of Connecticut.
Eligibility for the benefit, similar to the stimulus checks, would be based on family income for the prior tax year and be phased out at a certain income amount, the Post reported. Under the draft legislation, families would be eligible for the full monthly benefits even if they owe more in taxes than the credit value, according to the newspaper.
A White House official didn’t respond to CNN’s request for comment.