$1500 Child Tax Credit To Lessen Poverty Rates
In Staten Island New York, Legislators proposed to permanently increase the Child Tax Credit from $500 per child to $1500 per child. A census shows data that the act of increasing the Child Tax Credit to $1500 lessened the poverty rates and improved the way of living for children. It resulted in 2.1 million fewer children living in poverty. It would also expand the eligibility of children under age 4 and families with the lowest income. Families in New York would automatically receive quarterly payments to help pay for their basic needs like utilities, food, and clothing costs which are especially at a high rate in the meantime.
Who Are Eligible?
Candidates eligible for the proposed $1500 tax credit would include single taxpayers with an adjusted gross income of $25,000 or less. Also, couples earning $50,000 or less who file a joint return are eligible for the tax credit. In 2023 the credit would start tax returns filed in 2024. An assessment by the state Department of Taxation and Finance through annual income tax returns would determine the eligibility of individuals for the tax credit. According to a published post by Silive, the increased tax child tax credit proposal would cost an additional $2 billion for a total of $4 billion.