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Enhanced Child Care Tax Credit- Unlocks Substantial Savings for Families In Wisconsin!

Wisconsin Families Get Help with Child Care Costs as State Expands Tax Credit

New Law Expands , Offering Financial Support to Over 110,000 Families

Wisconsin families facing high child care expenses received good news as Governor Tony Evers signed a new law expanding the Child and Dependent Care Expenses Tax Credit on March 4th. This change aims to help families struggling to afford child care which can sometimes cost more than a year of college. Over 110,000 eligible taxpayers might see an average increase of $656 in their state credit providing financial relief.

The revised law increases the maximum eligible costs from $3,000 to $10,000 for one dependent and from $6,000 to $20,000 for two or more dependents. This implies that eligible taxpayers may receive a state credit varying between $2,000 and $7,000, depending on their income. It’s crucial to emphasize that individuals with dependent care benefits provided by their employers are not eligible to claim identical expenses through this state tax credit.

READ ALSO: Food Benefits Essential For Flood Victims Struggle To Access Calfresh Aid!

Enhanced Child Care Tax Credit- Unlocks Substantial Savings for Families In Wisconsin! (PHOTO: Wisconsin Examiner)

Wisconsin Families Grapple with High Costs Despite Child Care Tax Credit Expansion

Despite this positive step many Wisconsin families still struggle with child care costs as recent data shows that average expenses for infants and toddlers exceed what’s considered affordable by the U.S. Department of Health and Human Services. While the child care tax credit expansion is a helpful move it highlights the ongoing challenges families face in making child care more affordable in Wisconsin.

READ ALSO: Stimulus Checks – Don’t Miss Out Your 2020 Financial Aid – IRS Warns: Urgent Alert, Act Now!

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