Eligible residents in Illinois could receive a permanent Child Tax Credit once the proposed bill will be signed into law.
Federal Child Tax Credit
The federal Child Tax Credit has been a big help to millions of Americans across the country. The $1.9 trillion measure that Pres. Joe Biden signed in 2021 has sent an increased amount of Child Tax Credit.
According to an article published in Feeding Illinois, eligible families in Illinois received an amount of up to $3,600 for children under 6 years old and $3,000 for children aged 6 to 17. The payment was made available to the lowest-income families.
Permanent Child Tax Credit
The federal Child Tax Credit ended last year and more American families are asking for another round of increased Child Tax Credit. Despite this call, lawmakers from Illinois took an initiative to propose a permanent Child Tax Credit.
In a published article in CBS News, lawmakers in Springfield are hoping that their proposed Child Tax Credit will help working families. It aims to give support to low-and middle-income families amidst the increasing inflation rate.
Under the proposed legislation, eligible families will receive extra relief of an amount of $700 income tax credit for each child under the age of 17. Meanwhile, those eligible for this proposed new tax credit are joint filers who earn less than $75,000 and less than $50,000 for single filers.
Furthermore, Illinois State Sen. Mike Simmons, one of the proponents, said, “Working parents are struggling worse than ever before. It is time for the state to create a permanent Child Tax Credit that puts money back into the pockets of parents in Illinois so that parents can take care of their children and communities can begin to recover.”
However, there is no update yet as to when this proposed legislation on the new Child Tax Credit will be discussed and deliberated.