U.S. House Democratic leaders will reportedly unveil legislation today that would give millions of families at least $3,000 per child. This provision will be part of President Joe Biden's $1.9 trillion Covid-19 relief package.

Chairman of the Ways and Means Committee Richard Neal, who is heading the crafting of the legislation for the stimulus package, will introduce the enhanced Child Tax Credit bill.

The legislation would provide $3,600 per child under the age of six and $3,000 per child age six through 17 for a single year. The full benefit would be available to single parents earning up to $75,000 annually and couples earning up to $150,000. There would be payment decreases after those thresholds.

"The pandemic is driving families deeper and deeper into poverty, and it's devastating. We are making the Child Tax Credit more generous, more accessible, and by paying it out monthly, this money is going to be the difference in a roof over someone's head or food on their table," Neal said in a statement provided to CNN.

Families would be able to receive the Child Tax Credit payments monthly, which many advocates say will make it easier to pay their obligations compared to getting a lump sum at tax time.

The IRS would deposit checks worth $300 every month per child younger than 6 and $250 every month per child age 6 to 17.

If this legislation is passed, payments would start in July and last for one year.

Another big change is that the credit would become fully refundable for the year. Some 27 million children currently live in low-income families who receive partial or no tax credit because they earn too little.

The current Child Tax Credit provides up to $2,000 per child under the age of 17. That credit phases out for single parents with a modified adjusted gross income over $200,000 and $400,000 for married couples. Families receive a single payment.

About 90% of families with children will receive an average credit of $2,380 from 2020, according to non-partisan Tax Policy Center estimate.

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