The possibility of providing additional funds to tens of thousands of families has not changed, but there is still work to be done. While running for governor of Massachusetts in 2022, Maura Healey supported contributions of $600 to reduce child taxes. According to estimates, the initiative would help 700,000 Massachusetts households.
Child Tax Credit In Massachusetts
The Household Dependent Tax Credit or the Dependent Care Tax Credit are the two tax credits Massachusetts offers families for their children. Two dependents are the limit for the Household Dependent Tax Credit, with a $360 maximum payment. A maximum of two dependents may also qualify for the Dependent Care Tax Credit, which offers a maximum of $480. Families in Massachusetts may select one credit but not both.
In Healey’s proposal, both programs would be replaced, and families would be eligible for unlimited tax credits of $600 per dependent. The payment would be ongoing and might increase the following inflation.
IRS announced that PATH Act Refunds will hit bank accounts on February 28th, 2023
If you claimed the Earned Income Tax Credit or Additional Child Tax Credit
Expect your refund on this date
— Duke Alexander Moore, CTC, EA (@dukelovestaxes) January 19, 2023
Following a discussion with State Senate President Karen Spilka & House Speaker Ron Mariano, Governor Healey reiterated her support for the proposal in a statement to the media. Healy did not wholly rule out the possibility of giving people $250 in stimulus handouts.
Proposed Budget For 2023
Later this month, state policymakers will have a better idea of the coming financial year and what their budget objectives are. A proposed budget for this year has not yet been made public by Governor Healey.
Massachusetts is only one of many states that are considering adding or expanding child tax credits. A recently filed plan in Nebraska would offer a tax credit of up to $1,000 per dependent to an estimated 896,000 families.
Massachusetts has distributed millions of tax refunds to eligible taxpayersbut you can still file your 2021 Massachusetts tax return to get your share….Click the link below to
#Understandingpersonalincometax pic.twitter.com/EdAGFb3fp6
— Priti (@PritiItworks) January 17, 2023
The payment would depend on your income. Single filers cannot earn more than $75,000 to be eligible for the entire amount. Household heads are allowed to make up to $92,500, while joint filers Make up to $110,000, according to The US Sun.
Related Stories:
Child Tax Credit: Thousands Of Americans Set To Receive $750 Direct Payments – See When Can You Expect
Child Tax Credit: Massachusetts Residents To Receive $400 Per Child
Child Tax Credit: Access To New Direct Payments Up To $500 For Americans – Check If You Are Eligible
Child Tax Credit: How States Could Cut Child Destitution by 25% with the Aid of Tax Credits
Child Tax Credit: Check If you are eligible to receive up to $630 in Pennsylvania
Stimulus Payments Update: Child Tax Credit And Minnesota Rebate Checks In 2023
Child Tax Credit 2022: Direct Payments Of $1050 For Millions Of Americans Is Scheduled
Child Tax Credit 2022: Up to $3600 Direct Payments For Families After The IRS Mistake
