President Biden on Thursday signed into law the sweeping coronavirus relief package, a $1.9 trillion measure intended to shore up the nation's economy through another round of stimulus checks, sweetened jobless aid and a generous one-year expansion of the child tax credit.

Most American parents can expect to receive $3,000 a year for every child ages 6 to 17 and $3,600 a year for every child under age 6. The expanded amounts would taper off once income hits $75,000 for individuals and $150,000 for married couples. (Families are normally entitled to up to $2,000 annually in refundable tax credits per child).

If families earn too much to qualify for the expanded tax credits, they can still receive the $2,000 credit for their children if their income level is below $200,000 or individuals and $400,000 for married couples.

More in category

5 smart ways to use your tax return on a car: Edmunds
April 21, 2021FOX Business
5 smart ways to use your tax return on a car: Edmunds
Coronavirus tally: Global cases of COVID-19 top 143 million and India counts more than 200,000 new cases for 7th day
April 21, 2021MarketWatch
Coronavirus tally: Global cases of COVID-19 top 143 million and India counts more than 200,000 new cases for 7th day
New Yorkers are using public transit at their highest rates in over a year
April 20, 2021MarketWatch
New Yorkers are using public transit at their highest rates in over a year
Biden to pledge halving U.S. greenhouse gases by 2030
April 20, 2021MarketWatch
Biden to pledge halving U.S. greenhouse gases by 2030
‘This can be a moment of significant change’: Biden, Harris call on Congress to act on police reform after Chauvin verdict
April 20, 2021MarketWatch
‘This can be a moment of significant change’: Biden, Harris call on Congress to act on police reform after Chauvin verdict
Floyd family attorney Ben Crump says Derek Chauvin’s murder conviction is ‘painfully earned justice’ — here’s what gave him hope months earlier
April 20, 2021MarketWatch
Floyd family attorney Ben Crump says Derek Chauvin’s murder conviction is ‘painfully earned justice’ — here’s what gave him hope months earlier
European Super League collapses: All 6 English clubs withdraw after backlash
April 20, 2021MarketWatch
European Super League collapses: All 6 English clubs withdraw after backlash
Netflix predicts worst quarter for streaming growth in its history, stock falls 9%
April 20, 2021MarketWatch
Netflix predicts worst quarter for streaming growth in its history, stock falls 9%
Here’s what else to watch for at Biden’s Earth Day summit
April 18, 2021MarketWatch
Here’s what else to watch for at Biden’s Earth Day summit
Your streaming subscriptions reshaped Disney and turbocharged Netflix — now comes making more money off you
April 16, 2021MarketWatch
Your streaming subscriptions reshaped Disney and turbocharged Netflix — now comes making more money off you
The average Cadillac Escalade is selling for over $102,000, report says
April 21, 2021FOX Business
The average Cadillac Escalade is selling for over $102,000, report says
MLB behaving like a monopoly over GA voting law: GOP lawmaker
April 21, 2021FOX Business
MLB behaving like a monopoly over GA voting law: GOP lawmaker
US watchdog will review FAA decision to unground Boeing 737 MAX
April 20, 2021FOX Business
US watchdog will review FAA decision to unground Boeing 737 MAX
Cadillac rolls out its $60,000 Lyriq EV as it phases out gas engines
April 21, 2021CNBC
Cadillac rolls out its $60,000 Lyriq EV as it phases out gas engines
More wealthy investors going to cash, but millionaire bears still minority
April 21, 2021CNBC
More wealthy investors going to cash, but millionaire bears still minority
These 2 Dividend Stocks Have More Than Doubled Their Payouts in 5 Years David Jagielski | Apr 21, 2021
April 21, 2021The Motley Fool
These 2 Dividend Stocks Have More Than Doubled Their Payouts in 5 Years David Jagielski | Apr 21, 2021
2 Tech Stocks That Cathie Wood's ARK Invest Is Buying
April 21, 2021The Motley Fool
2 Tech Stocks That Cathie Wood's ARK Invest Is Buying
European stocks rebound from worst losses in four months, led by chipmaker ASML
April 21, 2021MarketWatch
European stocks rebound from worst losses in four months, led by chipmaker ASML
EU reaches major climate deal ahead of Biden climate summit
April 21, 2021MarketWatch
EU reaches major climate deal ahead of Biden climate summit
3 Unstoppable Growth Stocks You Can Hold for Decades
April 21, 2021The Motley Fool
3 Unstoppable Growth Stocks You Can Hold for Decades
3 Stocks That Offer Explosive Potential Gains
April 21, 2021The Motley Fool
3 Stocks That Offer Explosive Potential Gains