Update on the Child Tax Credit: Thousands of People May Be Eligible for $1,000 in Credits!
During the COVID-19 pandemic, millions of Americans benefited from child tax credit payments, and now some may benefit even more.
Two pieces of legislation are in the works that could provide parents with up to $1,000 in tax relief.
Meanwhile, two states are attempting to provide assistance to their citizens.
Which states are lobbying for the passage of child tax credit legislation?
Governor Ned Lamont of Connecticut has proposed a $24.2 billion budget.
A state child tax credit is included in the budget.
Parents might receive up to $250 for each child in their home if the bill passes.
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I didn’t file a tax return, therefore can I get the Child Tax Credit?
Up to three children under the age of 17 will be covered for the most part by parents.
This is the equivalent of $750.
A single filer’s annual income cannot exceed $100,000, whereas a joint filer’s annual income cannot exceed $200,000.
This initiative is expected to benefit 600,000 families.
With an income ceiling of $55,000, Vermont will give families up to $1,000 for children under the age of five.
The bill was changed from its initial intent, which was to send $1,200 to families with children under the age of six who earned less than $200,000.