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$1 Billion is Expected to be Given to American Citizens as Direct Payments for Tax Rebates

Greg Gianforte, the governor of Montana, has suggested a $1 billion tax cut for the state’s budget. If passed into law, it would feature three key family policies. A part of the budget plan is a property tax rebate, which would be worth $500 million. It would also include the child tax credit and the adoption tax credit, worth $1,200 and $5,000, respectively.

Assuming there isn’t a liability, tax credits aim to boost a refund, whereas rebates serve as reimbursement for paid tax. Both can act as direct payments for needy Americans during the era of high inflation (The Sun News, 2023).

Families with children under the age of six would qualify for the child tax credit. It’s unclear if there will be any limit on how many children can be claimed per family. Residents of Montana would be eligible to receive the property tax rebate for their primary residence. Additionally, neither the income restrictions nor the eligibility requirements for the adoption tax credit have no more further details.

Montana has become the latest state to pass a child tax credit worth up to $3,600 for families with children under the age of 18. This comes after the federal version expired at the end of 2021.

Parents in New York state may qualify for a smaller amount that’s five percent less for each $1,000 over the income threshold. Families would still be eligible for some sort of relief if single filers, heads of household, and joint filers made up to $95,000, $122,500, and $150,000, respectively. Efforts to expand support for parents that would have established the NYS Working Families Tax appear to have failed.

This program is a stepping-stone program by the government to help struggling Americans in financial aspects caused by the high rate of inflation.

 

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