Stimulus Money To Provide Child Tax Credits

Cadrene Heslop

Twelve states have passed a child tax credit bill. Parents who qualify will get this money plus their federal credit.

Nine of the twelve states have made the child tax credit refundable. These locations are California, Colorado, Connecticut, Maryland, Massachusetts, New Jersey, New Mexico, New York, and Vermont. Qualifying requirements differ among the child tax credit programs. For some, it depends on the parent's income. And for others, the child's age matters. (source)

California, Connecticut, Idaho, Maine, Maryland, Massachusetts, New Jersey, New Mexico, and Vermont have a fixed payout limit. But the amount varies among the states. Colorado is the exception. Colorado has a tiered system based on income. And the given figure gets calculated as a percentage of the federal child tax credit. (source)

Below is a quick overview of the programs. More details about the initiatives will get released as it becomes available.

https://img.particlenews.com/image.php?url=1f4pIE_0hBwwhnE00
Photo by NikolayFrolochkin via Pixabay

State-Level Child Tax Credit

(source)

1. California

Program Name: Young Child Tax Credit

Refundable? Yes

Tax Credit Amount: $1,000 if the income is under $25,000. Reduced credit of less than $1,000 to families with incomes between $25,000 to $30,000

Eligibility? Children under age 6. And the family must qualify for the California Earned Income Tax Credit.

2. Colorado

Program Name: Child Tax Credit

Refundable? Yes

Tax Credit Amount: 5% to 30% of the federal credit for each qualifying child, depending on income and filing status.

Eligibility? Children under age 6.

3. Connecticut

Program Name: Child Tax Rebate

Refundable? Yes

Tax Credit Amount: $250 per child, capped at $750 total

Eligibility? The rebate is a rate of 10% for every $1,000 over certain income thresholds: $100,000 for single filers, $160,000 for head-of-household, and $200,000 for joint filers.

4. Idaho

Program Name: Child Tax Rebate

Refundable? No

Tax Credit Amount: $205 per qualifying child

Eligibility? N/A

5. Maine

Program Name: Dependent Exemption Tax Credit

Refundable? No

Tax Credit Amount: $300 per qualifying child and dependent

Eligibility? N/A

6. Maryland

Program Name: Child Tax Credit

Refundable? Yes

Tax Credit Amount: $500 per child

Eligibility? Children under the age of 17 with a disability and the taxpayer's income of $6,000 or less.

7. Massachusetts

Program Name: Household Dependent Tax Credit

Refundable? Yes

Tax Credit Amount: $180 per dependent.

Eligibility? Dependents include children under 12 years old, adults 65 or older, and anyone with a disability.

8. New Jersey

Program Name: Child Tax Credit

Refundable? Yes

Tax Credit Amount: $500 per child under the age of 6 for taxpayers with incomes under $30,000.

Eligibility? $100 for different income brackets.

9. New Mexico

Program Name: Child Income Tax Credit

Refundable? Yes

Tax Credit Amount: $75 to $175 per qualifying child, depending on income

Eligibility? The child or stepchild of the taxpayer who qualifies for federal income tax purposes.

10. New York

Program Name: Empire State Child Tax Credit

Refundable? Yes

Tax Credit Amount: It is the payout depends on which sum is greater. It is 33% of a portion of the federal child tax credit or $100 multiplied by the number of qualifying children

Eligibility? The child must be at least age 4 and qualify for the federal child tax credit.

11. Oklahoma

Program Name: Child Tax Credit

Refundable? No

Tax Credit Amount: 5% of federal credit

Eligibility? The taxpayers' income cannot exceed $100,000 for married couples filing jointly.

12. Vermont

Program Name: Child Tax Credit

Refundable? Yes

Tax Credit Amount: $1,000 per child under the age of 5

Eligibility? Taxpayers with an income below $125,000.

What do you think?

Share your thoughts in the comments, and feel free to share this article on social media and with your friends and family.

*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports.*

Comments / 36

Published by

News you care about most. Gift Coffee Drinks to The Creator with the below link :)

N/A
16284 followers

More from Cadrene Heslop

Comments / 0