$250 Child Tax Refund May Remain Upon Request Of Candidates from Congress
Connecticut’s child tax refund provided financial assistance to nearly 240,000 of her households whose purchasing power had been reduced by inflation. The program had a budget of $125 million, of which $84.5 million was spent to feed approximately 353,000 children and their families.
A CT insider reported that thousands of applications were still pending, but found that in some of the applications that were approved, delinquent taxes were deducted from the refund. Other applicants may be asked to provide additional information before being approved.
According to a published post by The US Sun, state legislator Sean Scanlon introduced an initial tax cut, initially unsuccessful, but the cut was later approved. He told members of the General Assembly Finance Committee that there is about $35 million in the budget for families who need more information.
Tax Credits Worth $250 Per Child Could Be Here To Stay
Lisa Tepper Bates, president, and chief executive officer of United Way of Connecticut, told the outlet that the need for a permanent tax refund for children is obvious given the costs faced by families. A family of four is currently spending nearly $90,000 a year just to make ends meet, and 40% of the state’s residents have had to live on wages during the pandemic.
Even so, the future of tax cuts remains uncertain. It offers a $250 per-child tax credit for up to three children, providing families with up to $750. The state had a budget surplus of nearly $4 billion and decided to return some of that money to taxpayers.
To be eligible for the loan, families must meet one of the following criteria:
Single or married with an income less than $100,000
Head of household earning less than $160,000
Couples can earn up to $200,000 when they apply together
For those earning above the threshold, the state has announced a reduced credit of 10% for every $1,000 if the parent’s income exceeds the threshold.
