अब आप न्यूज्ड हिंदी में पढ़ सकते हैं। यहाँ क्लिक करें
Home » World » CTC approved in several US states for 2024 with varying amounts allocated

CTC approved in several US states for 2024 with varying amounts allocated

Child tax credit landscape undergoes significant changes, with states extending supplementary aid, requiring parents to stay informed about eligibility and potential payments.

By Newsd
Published on :
CTC approved in several states for 2024 with varying amounts allocated
Source: NCBlpc

CTC approved in several states for 2024 with varying amounts allocated: The child tax credit landscape is currently experiencing substantial transformations, which may provide families nationwide with potential respite. Although the federal government offers a single stream of assistance, a number of states are extending supplementary aid; therefore, it is critical that parents remain well-informed approximately their eligibility and potential payments.

This movement is led by Minnesota, California, and Wisconsin, which give eligible families additional child tax credits. About 300,000 Minnesotans receive the $1,200 child tax credit, according to legislative leaders.

This is not the only assistance; more states are joining with their own credit amounts and qualifying restrictions. Families in every state except Vermont can receive varying degrees of aid, ensuring that the most needy receive it.

Child Tax Credit 2024: Anticipate the Arrival of Your Tax Refund

Which jurisdictions have adopted the CTC?

  • Arizona families receive a $100 non-refundable credit for each dependent under 17 and $25 for those beyond 17. Eligible California families with children under six make less than $25,000. Families earning $30,000–$25,000 get less credit.
  • Colorado families earning $75,000 or less (or $85,000 for married taxpayers filing jointly) can get $1,200 each qualified infant under six. The Idaho non-refundable child tax credit pays households $205 each eligible under-16 kid.
  • Maine gives qualified children and dependents a $300 dependent exemption tax credit, similar to the federal child tax credit. Maryland residents earning $6,000 or less get a $500 tax credit each qualified child under 17.
  • Massachusetts households with children under 12 receive $180 per dependent or $360 per family. New Jersey households earning $30,000 or less can get a $500 refundable tax credit per child under six.
  • New Mexico households can receive $25–$600 per child in credits depending on income. New York offers $100 per eligible child or 33% of the federal child tax credit and federal supplementary child tax credit to children under four.
  • Oregon gives low-income families the federal child tax credit for each child under five, whereas Oklahoma gives 5%. Income-based discounts give Utah families $1,000 per child under four.
  • Vermont households under $125,000 receive $1,000 per child under five, while Wisconsin provides $4,000–$7,000 for two or more qualified dependents and $2,000–$3,500 for one.

As more states consider child tax credit payments, families must know the eligibility requirements and benefits. Staying informed ensures families receive tax aid.

Child Tax Credit Phase Out Amount for 2024 Revealed