Supporting Low-Income Families in 2023 – Oregon’s $5,000 Family-Sized Financial Aid
A Comparison to the Federal Earned Income Tax Credit (EITC) – Bridging the Gap
According to The U.S Sun, in 2023 Oregon introduced a program called the child tax credit to help families with low incomes. This program gives up to $5,000 family-sized financial aid to parents in Oregon who make $25,000 or less annually. They can get up to $5,000 family-sized financial aid in a one-time payment. The goal of the $5,000 family-sized financial aid is to lower financial stress especially for families with young kids. The $5,000 family-sized financial aid program is the same to the federal Earned Income Tax Credit (EITC) which also helps families with low-income.
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$5,000 Family-Sized Financial Aid for Oregon Residents – Check Out Eligibility! (PHOTO: Adobe Stock)
How the Oregon Child Tax Credit and EITC Offer Ease to Low-income Families
Families can use the $5,000 family-sized financial aid to save up or pay for things like childcare. If an Oregon resident qualifies for both the federal EITC and the Oregon credit they could get over $13,000 back on their taxes. To be eligible for the $5,000 family-sized financial aid you need to live in Oregon have dependent children and earn below a certain amount. The Oregon.gov website explains the details like how much money you can get based on your income and how many kids you have. Families with a total income of $25,000 or less could get $1,000 for each child under six years old up to five kids. The $5,000 family-sized financial aid is an important support for Oregon’s most at-risk families giving them hope when times are tough.
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