Stimulus checks are being sent out to help families cope with high inflation and pandemic effects. A year ago, the expanded child tax credit worth a minimum of $3,600 already expired and many weren’t able to benefit from it. As of today, there are many states who implement and improve their own policy regarding the child tax credit. The Child Tax Credit has been helping families succeed and sustain their basic needs. In the United States, in Montana particularly, a $1,200 direct payment in the form of a stimulus check is being released due to a large state budget surplus.
Who is eligible and how much is it worth?
Helena Montana Gov. Greg Gianforte offered the option to cut taxes by $1 billion because the CTC would probably get funds from the state’s budget surplus worth $ 2 billion. In Gianforte’s plan, family-friendly policies were set to avail of the rebates such as property tax relief. It was not yet determined whether there will be any maximum cap but the amount of $1,200 for each child under the age of six is the fixed amount set to be released. It was not also clear if children ages 6 and above would also be eligible for the child tax credit.
Families have been facing battles with high inflation rates and post-pandemic effects. It became hard for parents to afford basic needs inside the household. Some children’s education was compromised due to living arrangements difficulties and some parents could not sustain their needs like paying off rent and debts. There are currently 12 states that offer a child tax credit with their own versions and qualifications. Other states have proposed to expand support to parents through NYS Working Families Tax Credit and if it will pass, families will receive payment in four different installments worth $500 and $1,500 maximum amount per child. Families with one or three children could receive $1,090. In 2021, 240,000 families received between $250 and $750 tax rebates.