One state has created new rebates for a child tax credit which will be worth $175 per child.
New Mexico passed a bill that will financially benefit working families in the state.
New Mexico and the child tax credit
Congress did not extend the federal bill for the child tax credit, but states are taking that responsibility on themselves.
This gives residents a tax rebate worth up to $175 per child.
Whether you qualify or not will depend on income.
The bill also added a tax rebate worth $1,000 for nurses in New Mexico that worked during the pandemic.
If you earn over $100,000 per year as an individual or over $150,000 as a couple, you won’t qualify for a Social Security tax exemption offered in the state.
There are also one time tax rebates worth $250-$500 included in the new bill.
Massachusetts and tax credits
Lawmakers in Mass. are planning to offer $500 payments to low income workers.
This is a plan called the COVID-19 Essential Employee Premium Pay Program.
In order to get the payment you need to be an essential worker making at or below 300% of the federal poverty level.
You can not have received unemployment benefits in 2020.
Payments can be expected at the end of March.
Federal CTC ending
The child tax credits ended on Dec. 31, 2021.
Biden was hoping to extend the credits into 2022, but the Build Back Better bill has not passed.
For 2021, the expansion made the amount $3,600 per child under 6 and $3,000 per child between ages 6 and 17.
The first half was sent to parents over the span of six months from July to Dec., and the second half of the credit will go out with tax refunds.
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