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Third child tax credit set to go out Wednesday

Money

(CNN) - Millions of families will be receiving more money in their bank accounts, courtesy of the IRS. The agency will distribute its third child tax credit payment beginning Wednesday.

Most parents will receive up to $300 for each child six years old or younger and $250 for each child between 6 and 17 years old.

After Wednesday's distribution, the IRS will have three more monthly payments to send out this year. Then the benefit ends unless Congress extends it.

Democrats are currently looking at extending the tax credit as a part of their budget reconciliation bill.

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