The bill’s author and the governor’s policy director recently indicated they would be open to considering a phase-out at a little higher income level in their proposal to give a $1,200 child tax credit to every Montana kid under the age of five.
One of the key initiatives from Republican governor Greg Gianforte’s administration that has gained strong support from both parties is the child tax credit.
Josh Kassmier, a Republican representative from Fort Benton, introduced House Bill 268 that would implement the credit, and the House Taxation Committee heard it for the first time on Thursday, Independent Record said.
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Child Tax Credit: Who is Eligible, How Much Is It Worth?
The holidays are a great time to give kids some extra cash, especially since the US is giving them a $1,200 stimulus check as a direct present.
Marca said Gov. Greg Gianforte has the option of reducing taxes by $1 billion to pay the CTC, which is likely to come from the state’s $2 billion budget surplus. Each kid under the age of six would be eligible for a $1,200 child tax credit. We still don’t know if there would be a restriction on how much a family may claim or whether children older than that age may be eligible for any tax credits. Many family-friendly policies, such as a decrease in property taxes, were also included in Gianforte’s agenda.
The Earned Income Tax Credit and Empire State Child Tax Credit might be combined without any problems under this idea. All of those households with one to three kids might get $1,090 more than they presently think they will. Connecticut has a child tax credit scheme that could be permanent elsewhere. State advocates are urging Congress to support that. A total of 240,000 households received tax refunds in 2021 ranging from $250 to $750.
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