Residents in Connecticut will soon receive a child tax credit, or rebate, worth $250 this summer.
The legislation passed Monday, so now thousands can expect the payment which takes effect July 1, 2022.
The state has a budget surplus which is worth upwards of $4 billion, according to Marca.
Now, lawmakers want to give back to residents.
Who will see the $250 child tax credit?
There are three requirements to receive the payment this year.
First, you need to be a resident of Connecticut and pay taxes.
Is the CTC going to change for 2022?
You must have claimed at least one child on your 2021 tax return who was 18 or younger.
Finally, you need to meet income requirements.
For ever $1,000 pass the threshold, there’s a 10% reduction of the payment.
Claiming the child tax credit
You should file an application with the Connecticut Department of Revenue Services to get the payment.
The deadline to file is July 31, 2022.
The law goes into effect July 1, 2022.
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