2 weeks Ago By Cynthia Yi
Good news for families in Minnesota, as Senator Ann Rest has announced that the state's Child Tax Credit has delivered powerful results for children and their caretakers. According to data provided by Rest, who also chairs the Senate Taxes Committee, over $523 million has been funneled back into 204,000 qualifying households. This substantial financial boost has, on average, amounted to $2,559 per family, significantly aiding in alleviating the strains of child rearing in times of economic volatility.
In what is a significant move toward tackling child poverty, nearly 416,000 children have reaped the benefits of the substantial $1,750 per-child credit. Senator Rest, in a statement released by senatedfl.mn, was keen to express her pride in the initiative, saying, "I am proud of Minnesota’s nation-leading Child Tax Credit law that is significantly reducing child poverty across our state.
" She also highlighted the advanced payments allowed by the state, which are designed to quickly help put money back into the pockets of working families, so they don't have to wait for tax season to access these funds.The 2023 Child Tax Credit law, a brainchild of Governor Walz and authored by Senator Rest, is shaping up to be a crucial safety net. In a year fraught with financial uncertainties, the Minnesota Department of Revenue emphasizes that families with qualifying incomes can receive these beneficial advanced payments throughout the year.
For families eager to learn more or to claim these advances, they can seek guidance from the Minnesota Department of Revenue website. The Senator's anticipation is that this Minnesota-first initiative will continue to greatly reduce financial hardships by ensuring that these benefits reach families more promptly. As Senator Rest noted to senatedfl.
mn, "And this year, our state is the first in the nation to allow working families to receive advance payments of the CTC during the year, so they don’t have to wait until they file their taxes next year.".
