Stimulus Payments Update: Child Tax Credit And Minnesota Rebate Checks In 2023

After state lawmakers enacted a $3 billion tax relief plan on Sunday, stimulus checks will be sent to nearly 2.5 million Minnesota taxpayers. The extensive piece of legislation, which also contains a child tax credit valued up to $1,750 per dependent child, is anticipated to be signed into law by Minnesota Governor Tim Waltz this week. According to Minnesota Representative Aisha Gomez, “There are amazing, transformational elements in this bill which will assist people across the state.”

One-Time Stimulus Checks Of Upto $1,300

Eligible Minnesotans would receive tax relief this year when the tax package is signed into law, starting with the one-time payments directly of around $1,300 that would take effect right away. Additionally, the $1,750 child tax credit would take effect right away. When filing their tax returns for 2023 in 2024, families may claim the credit. The bill’s language makes upfront payments possible. Therefore, Minnesota families may benefit this year from a part of the child tax credit. A refund cheque would be given to almost 2.5 million Minnesotans under the proposed legislation.

According to state legislators, qualified Minnesota families can anticipate receiving payments in the amount of up to $1,300 around this fall. The amount for single claimers making up to around $75,000 is $260. The payment for joint filers earning up to $150,000 is $520. The one-time Minnesota refund payments are also available to people with dependent children. Families would be eligible for an extra $260 for every dependent under the proposed legislation. Up to $1,300 would be given to families. This means that even if you had multiple dependent children, your refund payout would not be greater than $1,300.

2023 Minnesota Rebate Payments

Joint filers who have three children as dependents are eligible for the entire $1,300. With four eligible children, single filers are eligible for the entire $1,300 tax credit. You must have been a resident of the state in 2021 to be eligible for the Minnesota rebate payments for 2023, which will be by the 2021 tax year. You won’t be eligible for the refund payment if someone identified you as someone who depends on a 2021 tax return. Instead, a $260 payment can be made to the individual who claimed you as a reliant in 2021 reports Kiplinger.