2023-07-05 23:46:57
In the United States, the measure that at the federal level allowed the extension of the Child Tax Credit (CTC) no longer exists.
This measure was taken after the economic effects of COVID-19 and made it possible at the time to expand the eligibility and assigned amounts.
In this sense, approximately 2.9 million people managed to get out of poverty thanks to the federally expanded Child Tax Credit.
However, beyond the term of the measure, some North American states have decided to grant their own CTC. For this, they have expanded it to the state level and some families will be able to claim it before the end of 2023.
For example, in the state of Minnesota, the Child Tax Credit is worth up to $1,750.00 USD for each qualifying child. This being the North American state that offers the highest amount for each dependent.
In Minnesota, advance payments are also allowed. Therefore, people can get their money even before filing the tax return.
In New York’s case, children under the age of four did not qualify for any dependent tax credits. However, there the CTC has been expanded, including children from 4 years to 17 years.
In addition, $100.00 USD is awarded for each qualifying child or 33% of the federal CTC. This figure represents in its maximum condition $2000.00 USD per child.
What other states award their own CTC?
The state of Colorado is another of the North American territories that is implementing this alternative. Here, the Child Tax Credit grants up to a maximum of $1200.00 USD for each dependent.
But, it is valid to clarify that these amounts will not take effect until January 2024. Therefore, this means that the money will reach your hands by 2025.
Finally, in California, people can apply for the Child Tax Credit if they earn from $1.00 USD up to a maximum of $30,000.00 USD.
In this sense, each child may receive up to $1083.00 USD, but a tax return must be submitted to access this money.
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