Lawmakers in California have proposed a new bill this year that will expand the Young Child Tax Credit to include families with children of all ages.
Proposed Young Child Tax Credit will add 700,000. (Photo:CNBC)
Proposed Young Child Tax Credit in California
Under the new bill, families would be eligible for a tax credit of up to $1,000 per child. The tax credit would be available to families with an annual income of $75,000 or less, according to a recently published article in The Center Square.
The proposal is aimed at providing financial assistance to low-income families and reducing child poverty in the state. The removal of the age requirement means that families with children of all ages will now be eligible for the tax credit.
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Eligibility Requirements for Young Child Tax Credit
To be eligible for the Young Child Tax Credit, families must meet certain requirements, according to an article published in Santa Barbara News-Press.
First, the family must have a household income of $75,000 or less. Second, the family must have a California state tax liability. Third, the family must have at least one child that meets the following criteria: either a child who is under the age of 6 or a dependent who is either 6 to 17 years old and who is not a full-time student, or a dependent who is 18 to 24 years old and is a full-time student who is not self-supporting.
The proposed Young Child Tax Credit is part of a larger effort to provide financial relief to Californians struggling with the economic impacts of the COVID-19 pandemic.
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