JStates are providing financial assistance to families after President Joe Biden’s Build Back Better program was not approved by Congress earlier in 2022.
The existing Child tax credit (CTC) had been extended to $3,000 per child under 18 and $3,600 per child under six after the American Rescue Plan Act was approved in 2021.
However, the credit has now fallen back to a maximum amount of $2,000 per child, which has seen many families struggle to make ends meet.
Which states offer families additional financial support?
Meanwhile, 10 states offer credits, with the tax credit amount and eligibility requirements differing from state to state, primarily based on the age of children and household income.
California: Payments of $1,000 to each family earning less than $25,000 and less than $1,000 to each household earning between $25,000 and $30,000
Colorado: Each eligible child will receive between 5% and 30% of the federal credit, depending on their income and filing status, starting in January 2023
Idaho: This state will provide $205 per eligible child, as defined by Section 24(c) of the Internal Revenue Code
Maine: Under the Dependent Tax Credit, each family will receive $300 per eligible child and dependent.
Maryland: Each household with a gross income of $6,000 or less and a disabled child under the age of 17 will receive $500
Massachusetts: Households will receive $180 for one dependent and $360 for two or more dependents.
New Mexico: Each family will receive $75 to $175 for each minor child who qualifies for federal income tax purposes.
New York: According to the official website, the amount is the greater of 33% of the portion of the federal child tax credit and the additional federal child tax credit attributable to eligible children or $100 multiplied by the number of eligible children.
Oklahoma: Each qualifying child will receive five percent of the federal credit.
Vermont: Each eligible child will receive a tax credit of $1,000.