The expanded 2021 Child Tax Credit (CTC) helped many families with children avoid child food poverty, especially after the pandemic lagged. That valuable tax benefit is over, but the financial problems are not. Inflation has caused many heads of households to have tight budgets. States have tried to cushion the blow to their pockets with their own benefits. And there is one in particular that would provide up to $1,200 per child by 2024, one of the largest state CTCs in the United States.
In June of this year, Colorado Governor Jared Polis signed into law a major expansion of the state’s CTC program, making it the second largest in the country. Although its state existence is premature, since it was only introduced in 2021, by 2024 it would provide financial support that very few states can afford. The credit is fully refundable, so you will receive the $1,200 in cash.
To be eligible, residents must have income less than $75,000 or less than $85,000 for married couples who file a joint return, according to Colorado Department of Revenue.
Because it was just established, the Department has not updated information regarding children’s eligibility. However, it can be seen that children must be under 6 years old before the end of the applicable fiscal year. It is also not made clear if there will be a limit on the number of children you can claim as dependents.
“Workers are at the center of our economy and we must ensure we give them the tools and resources to succeed. Cash policy is a great tool to keep our economy strong and ensure families thrive,” said Kathy White, executive director of the Colorado Fiscal Institute.
One of the great advantages is that The immigration status of taxpayers does not exclude them from the benefit. The Colorado Department of Revenue specifies that if you have at least one qualifying child or other dependent, you can claim the Federal Child Tax Credit, regardless of your immigration status. The only thing you need to keep in mind is that you and your spouse, if you file a joint return, must have a Social Security number (SSN) or individual taxpayer identification number (ITIN) issued before the due date of your return. to claim the credit.
The June expansion affected not only the size of the payment, but also the number of children covered. The new credit covers 12,000 children who were previously excluded because his parents’ income was too low. The program now covers more than 195,000 Colorado children, according to the Jain Family Institute.
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2023-11-20 18:24:10
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