There are thousands of households set to receive a child tax credit worth as much as $750 in only five days.
This new law will send families child tax credit payments worth $250 per child, with a limit of three children.
This bill was passed on May 9 in Connecticut after being signed by Governor Ned Lamont.
The state’s surplus allowed the payments to happen.
It’s worth $4 billion dollars, and tax rebates are part of an updated plan that starts July 1, 2022.
Over $1 billion is being used from the American Rescue Act.
Eligibility for the child tax credit
The credit is worth $250 per child and up to three children can be claimed.
Child Tax Credit: $250 going to parents in one state
You must meet income requirements to qualify.
Single files cannot exceed an income of $100,000.
Head of household filers cannot exceed $160,000, and joint filers cannot exceed $200,000.
If you pass that amount, you could qualify for a reduced payment.
Updates, millions can claim $2,000 per child
For every $1,000 past the threshold your payment is reduced by 10%.
Applications open on June 1, 2022.
They will close July 31, 2022.
Payments should start being sent in August of this summer.
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