Child Tax Credit 2024, when structured effectively, can significantly reduce child poverty and improve the financial stability of low- and middle-income households.
Source: Forbes
Which States Offer the Highest Child Tax Credit? When thoughtfully structured, child tax credits can substantially alleviate child poverty and serve as an essential instrument in enhancing the financial stability of low- and middle-income households.
Using CTCs, fourteen states will assist low-income families in 2024, ensuring that children from such households receive the maximum benefits possible. This collaborative endeavor represents a substantial financial commitment to future generations.
Vermont is one of the states that does not charge CTCs, whereas California, Colorado, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, and Oregon all do so. Utah, Idaho, and Oklahoma all offer nonrefundable credits.
Minnesota, Oregon, and Utah all introduced new CTCs this year, whereas seven other states extended their pre-existing ones. In addition, Arizona implemented a nonrefundable, one-time child tax rebate.
Child Tax Credit 2024: Estimated Arrival of Tax Refund
Five states—Colorado, Minnesota, New Jersey, Oregon, and Vermont—are offering $1,000 or more refundable credits per qualified child, a record high. These projects invest billions in child welfare.
Legislators should guarantee these credits’ full refundable nature, eliminate earnings requirements, set a maximum limit per child rather than per household, create state-specific phase-out ranges to help low-income and middle-income families, index the credits to inflation, and consider advanced payment alternatives to maximize their efficacy.
Except for Arizona’s refund for 2023, Oregon’s 2029 credit, and New Mexico’s 2032 credit, these newly adopted and enlarged benefits are permanent.
Vermont, Colorado, Minnesota, New Jersey, Oregon, and New Jersey have raised qualified child refundable credits to $1,000.
Vermont, Oregon, and Minnesota have passed legislation to make advanced CTC payments throughout the year instead of a single yearly bulk sum to help families manage their spending.
Except for Oklahoma and New York, which are linked to federal Child Tax Credits, most state CTCs function independently.
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