Millions of American families across the country are still expecting a child tax credit this year, lawmakers in Montana propose to send a $1,200 child tax credit to every parent.
A new bill was passed for the Child Tax Credit. (Photo: CHRON)
$1,200 Child Tax Credit
Child Tax Credit has been a big help to millions of American families during the wake of the pandemic and in this time of increasing inflation rate. This has become one of their sources of additional income or sources of funds to meet their daily needs.
There are some states as well that continue to give Child Tax Credit (CTC) by using its available funds. However, there are some states also that decide not to continue the program.
In a published article in Non-Stop Billings, an affiliate of CNBC News, it was reported that lawmakers are now processing a bill and moving through a committee to establish a state child tax credit in Montana. If this will be approved and signed into law, this will allow parents to receive up to $1,200.
READ ALSO: $15 Billion Property Tax Relief Package, What Are The Plans Of Texas Lawmakers?
What Should You Know About the Proposed Child Tax Credit?
Representative Ed Stafman of Bozeman proposed the bill and he indicated that an amount of $1,200 child tax credit will be given to parents with children five and under. Meanwhile, an amount of $600 will be given to children between 6-18.
Additionally, it was also stated on the bill that the full credit would be available for incomes at or below:
- $65,000 for every married individual who files a joint return and for every surviving spouse
- $55,000 for every head of household, and
- $45,000 for every individual other than a surviving spouse or head of household who is not a 2 married individual.
Furthermore, the proposed child tax credit is refundable, which means that they would still receive it even if the family does not have a tax liability.
READ ALSO: Up To $700 Rebates Now Available For Americans, Application Starts Today
