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Child Tax Credit: $1,000 approved for thousands

Some families will qualify for a child tax credit payment worth $1,000 after a tax cut package was signed into law this week.

child tax credit paperwork

Families who qualify would see the payments benefit over 30,000 children.

Families who qualify will need to meet certain criteria to be eligible.

The law was signed by Vermont Governor Phil Scott.

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Could inflation prompt monthly payments worth $3,600 again?

The income threshold to qualify is $125,000 and under.

The package is worth $40 million dollars, with most of it going toward the child tax credit.

$50 million was originally suggested by the House, but the Senate counter offered a suggestion of $36 million.

Out of the $36 million, $22.5 million would have gone toward the child tax credit.

What else does the bill have besides the child tax credit?

The bill also has tax relief for other populations.

Low income workers, caregivers, student loan residents, retired residents, and those with military pensions will see benefits.

The emergency payments from the state of Vermont are modeled closely to the ones from the federal government during the pandemic.

The bill will help thousands of Americans still struggling amid inflation.

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