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It's Child Tax Credit Day, and payments to families have kicked off

On Thursday, Colorado families began receiving tax relief straight to their bank accounts.

COLORADO, USA — Gov. Polis declared that Thursday is Child Tax Credit Day. Meaning eligible Colorado families with children will start receiving their first monthly payment under the recently expanded Child Tax Credit. 

The monthly payments will give eligible families up to $250 a month for each child aged 6 to 17, and up to $300 per month for each child below six. 

> Video above: Biden marks first monthly Child Tax Credit relief payment

Supporters of this program say the monthly payments will do more to erase child poverty in the United States than any program enacted since the 1960s, though questions remain about whether millions of eligible parents will receive the funds. 

RELATED: No, parents can’t claim the child tax credit for children who turn 18 in 2021

Colorado has also established a new refundable child tax credit of up to $1,080 for children up to age 6, on top of the federal credit. 

“The federal Child Tax Credit and the state CTC will play a critical role in powering Colorado’s comeback and ensuring that hardworking families and individuals have more money in their pockets to support their children, help grow our economy and thrive,” said Governor Polis. “For some, this help means summer camp, better food, enriching after-school activities, or help with rent, This is major tax relief—$3,000 to $3,600 per child—for the vast majority of families. We want as many Colorado families as possible to have the chance to receive this tax relief.”

RELATED: Child tax credit fast facts: Everything parents and guardians need to know

This was possible through President Biden's American Rescue Plan that has made the benefit available to 39 million families across the country this year. This will help Colorado families by lifting 57,000 kids out of poverty and benefiting more than 1 million children across the state. 

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