Money for kids is always welcome, especially around the holidays when the United States is disbursing this $1,200 direct gift as a stimulus check. Due to a sizable state budget surplus that may provide Americans with this money, a new idea has been announced.
Due to its expiration roughly a year ago, many people could not take advantage of the $3,600 maximum value of the enhanced child tax credit. Several states are working to either advance or first-time implement their versions of this regulation. Numerous states are engaging in this, including Montana.
Who Qualifies, And How Much Money Is Involved?
Gov. Greg Gianforte can reduce taxes by $1 billion to pay the CTC, which is likely to come from the state’s $2 billion budget surplus. Each child under the age of six would be eligible for a $1,200 child tax credit.
The child tax credit worked.
We need to put working people first and extend this lifeline for Coloradan families. pic.twitter.com/zuopjpDzBl
— Michael Bennet (@SenatorBennet) December 12, 2022
We still don’t know whether there would be a cap on how much a family may claim or whether children older than that age may be eligible for any tax credits. In Gianforte’s plan, many family-friendly measures were also included, such as a reduction in property taxes.
Prices have risen faster than in the previous 40 years, making it considerably more challenging for families to have enough money for their household needs.
New York, among other states, has suggested expanding parental support by establishing the NYS Working Families Tax Credit. If approved, the families would get separate payments in four installments, with each amount perhaps valued between $500 and $1,500 per child.
Child Tax Credit
The Earned Income Tax Credit and Empire State Child Tax Credit might be combined without problems under this idea. All those households with one to three kids could receive $1,090 more than they do now.
Connecticut has a child tax credit program that might be permanent elsewhere. State advocates are urging Congress to support that. A total of 240,000 families received tax refunds in 2021 ranging from $250 to $750. There are now 12 states that offer a child tax credit of some kind, as reported by Marca.com.
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