Minnesota Proposed Child Tax Credit to Bolster Family Finances
Minnesota Proposed Child Tax Credit to Bolster Family Finances. (PHOTO: Yahoo News)
Minnesota proposed a Child Tax Credit for 2023 to support families according to Fox 9. Governor Tim Walz and Lieutenant Governor Peggy Flanagan presented the initiative on Monday, noting its potential to help state residents’ finances. The program helps families especially low-income ones with a maximum credit of $1,750 per child and no restriction on the number of children claimed.
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Expected to Alleviate Child Poverty and Provide Support to Hundreds of Thousands
Nearly 300,000 households and over half a million children may benefit from the credit reducing Minnesota child poverty by one-third. Child age, dependent status, and taxpayer income determine eligibility. The benefit expires for anybody earning over $29,500 or $35,000 for couples, although free tax preparation is available. Seniors, handicapped, non-English speakers, and low-income taxpayers can submit their taxes at over 170 venues statewide. Reaching 100% of eligible families was important to Lt. Gov. Flanagan. The tax credit fosters economic stability and family well-being, she added. Minnesota proposed a Child Tax Credit and ensure a brighter future for children and families by using free tax preparation aid and internet filing as tax season begins.
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