The Child Tax Credit got a major overhaul as part of the American Rescue Plan Act of 2021. The new credit expands on the existing credit of $2,000 to provide families a total of up to $3,000 for each child ages six to 17 and up to $3,600 for each child under six. The expanded child tax credit is fully refundable, and instead of receiving the credit upon filing taxes, families will receive half of the credit in the form of advance monthly payments. The other half is to be claimed when filing your 2021 income tax return.