We already know that the United States offers tax credits for parents, especially for those who need it most. They are called child tax credits, and they are tax benefits that are given to families with minor children to reduce their tax burdens. Generally speaking, child tax credits are intended to help cover expenses associated with raising children, such as education, health care, housing, and other basic needs.
They are applied as direct tax credits on the tax return to eligible taxpayers. This means that the amount of the credit is subtracted directly from the taxes that the taxpayer must pay, which is good news for many American families with children. The main objective of these loans is to provide financial relief to families with children and help them maintain an adequate level of well-being and quality of life.
16 US States to Send Child Tax Credits in 2024
In the year 2024, a total of 16 states of the union participate in the remittances of tax credits for children, but true to the federal design of the United States, each state has the right to manage the eligibility requirements and the amounts to be sent, locally.
The state of Minnesota is one of those on the list, and local authorities say the average tax credit this year will be around $1,200, for about 300,000 residents who qualify. Other states such as California and Wisconsin are also sending this money to qualifying resident families.
Let’s take a quick look at the states that will offer child tax credits in 2024.
In Arizona, families can receive a $100 non-refundable tax credit for each dependent under the age of 17. In addition, taxpayers in Arizona have the possibility of receiving an additional $25 for each dependent over the age of 17. These credits are designed to provide financial support to families with children and reduce their tax burden.
California families earning less than $25,000 are also eligible for these tax credits: they can receive up to $1,000, but those earning between $25,000 and $30,000 will receive a smaller amount. Families must apply in the California Earned Income Tax Credit official site.
Child Tax Credits in Colorado, Idaho, and Maine
In Colorado, families with incomes of $75,000 or less ($85,000 for married taxpayers filing a joint return) have the opportunity to receive a child tax credit of up to $1,200 for each qualifying child. It is important to note that this credit is only available for children under the age of 6. This tax benefit is designed to provide financial support to families with young children and reduce their tax burden significantly.
On the other hand, in Idaho, there is a non-refundable child tax credit that allows families to receive $205 for each qualifying child under the age of 16. This loan also aims to provide economic relief to families and contribute to their financial well-being.
In the beautiful state of Maine, resident taxpayers can claim up to $300 per qualifying child and dependent. Qualifying children and dependents must be the same as those claimed under the federal child tax credit.
Maryland, Massachusetts, and Minnesota Will Also Send Child Tax Credits
In the state Maryland, those with an income of $6,000 or less have the chance to claim a refundable tax credit of $500 for each qualifying child under the age of 17. On the other hand, in Massachusetts, families are eligible to receive $180 for one dependent or $360 for several dependents. However, to qualify, dependents must be under the age of 12.
Moving forward in the list, In Minnesota, families can receive up to $1,750 for each qualifying child. It’s important to note that this credit is being phased out for single taxpayers with incomes over $29,500 and for joint filers with incomes over $35,000. This phase-out system aims to ensure that the credit mainly benefits middle- and low-income families.
NJ, NM, NY, Ok, or and Other States to Send Stimulus Checks to Families with Children
Let’s move to New Jersey: The Child Tax Credit Program offers families with incomes of $30,000 or less a refundable credit of up to $500 for each child under the age of 6. New Mexico also sends money to qualifying families, between $25 and $600 per child, as the case may be. This credit is valid until 2031, when it will be reviewed and updated.
In New York, eligible families can apply for 33% of the federal child tax credit, plus the additional federal child tax credit for qualifying children, or $100 for each qualifying child. The state has recently expanded this credit to cover children under the age of 4, previously limited to those ages 4 and up.
In Oklahoma, households with incomes less than $100,000 can choose to receive 5% of the federal child tax credit. In Oregon, families earning less than $30,000 have the opportunity to receive $1,000 for every child under the age of 5.
In Utah, eligible households can receive $1,000 for every child between the ages of 1 and 4. However, this amount is reduced by $10 for every $1 of income that exceeds a certain income threshold.
Finally, the state of Vermont will give up to $1,000 for families with incomes under $125,000, while in Wisconsin, qualifying families could get between $2,000 and $3,500 for one qualifying dependent, and between $4,000 and $7,000 for two or more qualifying dependents.
