This State is Set to Approve a $1,000 CTC for Parents — Here’s What You Need to Know

The cost of living is a constant worry for everyone all around the country, but families are most affected.

Families with low and intermediate incomes are frequently the most susceptible to price rises, and when you don’t make a lot of money each year, it can be difficult to pay for monthly expenses when you have several kids.

To help low- and middle-income families deal with the pressures of today’s cost of living, one state is considering implementing a state Child Tax Credit (CTC).

Every state’s Child Tax Credit

There are federal and state child tax credits available. One of the nation’s most popular and well-established tax refund schemes is the federal Child Tax Credit.

Millions of families are anticipated to apply for the federal tax credit as tax season gets underway.

69 million individuals applied for the Child Tax Credit in the fiscal year 2023. For those who are eligible for the Child Tax Credit, the federal government additionally provides the Additional Child Tax Credit.

The requirements for eligibility for the Child Tax Credit

You can claim up to $2,000 for each dependent kid if you are eligible for the federal kid Tax Credit.

This is the final year you can claim this amount because the COVID-19 pandemic quadrupled the $1,000 per dependent child that was the initial Child Tax Credit refund level.

If you additionally claim and qualify for the Additional Child Tax benefit, you can get a return of up to $1,700 from this benefit.

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The IRS website states that in order for your child to be eligible for the Child Tax Credit, they must fulfill the following requirements:

• At the end of the tax year, be younger than 17.
• Be a brother, sister, stepbrother, stepsister, half-brother, half-sister, son, daughter, stepchild, eligible foster child, or a descendant of one of these (e.g., a grandchild, niece, or nephew).
• not contribute more than half of their own income during the tax year.
• spent over half of the tax year living with you.
• be listed on your return as a dependent.
• not submit a joint return for the year, or submit a joint return just to get a refund of estimated taxes or withheld taxes.
• possess U.S. citizenship, U.S. nationality, or U.S. residency.
• must possess a Social Security number issued prior to the due date of your tax return (including extensions) and valid for work.

A new Child Tax Credit is being proposed by Ohio

Fortunately, if you live in Ohio and are eligible for the federal Child Tax Credit, you can also apply for the Ohio state government’s planned Child Tax Credit program, should it be approved.

In his biennial budget proposal, Ohio Governor Mike DeWine stated his intention to implement a kid Tax Credit program that would give families $1,000 for each dependent kid.

This would be beneficial for the local economy in addition to greatly assisting eligible families in Ohio. The scheme would boost the economy by about three-quarters of a billion dollars if it is authorized.

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Ohio would become one of 16 states with its own Child Tax Credit schemes if the law is passed.

These government programs guarantee that families may maintain their financial stability and pay for the costs of raising a family.

It has been demonstrated that these initiatives reduce childhood poverty and boost the chances of success for kids from low-income families.