The recently approved 2021 child tax credit, as a part of the $1.9 trillion coronavirus relief package, “will provide a couple with one child under age 6, and a household income of $150,000 or less, periodic payments totaling $3,600 per year, or $300 per month. Families with children 6 through 17 would receive a credit of $250 per month, or $3,000 per year per child. The payments will be phased out for couples making more than $150,000, heads of household making more than $112,500 or single parents making more than $75,000.” Money will go to families even if parents do not report any income, and the money could start getting into the hands of parents as early as July. According to the Center on Budget and Poverty Priorities, about 95% of children in the state (or 454,000 children) will be benefiting from the tax credit. Some estimates determined that the monthly payments will lift about half of the children who currently live below the federal poverty line above it.
Published on: March 27th, 2021
By: RYAN BOETEL / JOURNAL STAFF WRITER