This tax season may bring in more cash for families with children. This is the reason why: Congress is developing a plan to raise the highest refundable amount in order to increase the child tax credit. Furthermore, you may reside in a state that is receiving extra funding for the child tax credit for the current year.
According to Minnesota state officials, the typical child tax credit amount is expected to be approximately $1,200, and they predict that about 300,000 citizens will be eligible for this credit. Alongside the federal benefit, child tax credits are available in almost a dozen states, including Minnesota, California, Massachusetts, and New Jersey.
See if you meet the qualifying standards for your state and whether you reside in any of the states that are providing further assistance on the child tax credit below:
Which states provide funds for the child tax credit?
In 2024, these states intend to give families cheques for the child tax credit. Keep in mind that not all are entirely refundable, so you might need a source of income in order to get the whole amount that is due to you.
Arizona: Families with dependents under the age of 17 are eligible for a non-refundable $100 credit. Additionally, Arizona taxpayers are eligible to earn an extra $25 for each dependent over the age of 17.
California: A $1,000 grant is available to families making less than $25,000. Individuals who make between $25,000 and $30,000 would have a smaller credit. The family must be eligible for the California Earned Income Tax benefit, and the benefit is only accessible for children under the age of six.
Colorado: Up to $1,200 may be awarded to households with eligible children who earn $75,000 or less ($85,000 for married taxpayers claiming jointly). Only kids under six are eligible for this credit.
Idaho: Families can receive $205 for each eligible child under the age of sixteen through Idaho’s nonrefundable child tax credit.
Maine: Under a dependent exemption tax credit, residents’ taxpayers may claim $300 for every eligible child and dependent. Kids and dependents who meet the eligibility requirements are exactly the same as those who filed claims for the federal child tax credit.
Maryland: A $500 refundable tax credit is available to individuals earning $6,000 or less for every eligible kid under the age of 17.
Massachusetts: Families may earn $180 if they have a single dependent and $360 if they have several.