Effort underway to make extended child tax credit permanent

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Effort underway to make extended child tax credit permanent

NEW YORK NOW – As payments of the expanded federal child tax credit begin this week, Representative Paul Tonko, D-Albany, says the credit should be made permanent.

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The child tax credit was part of the federal US bailout plan, which was in response to the financial impact of the COVID-19 pandemic.

Payments vary based on family income, but eligible households receive up to $360 per month for each child up to 6 years old and up to $300 per month for each child between 6 and 17 years old.

When it comes to making the credit permanent, Tonko said the matter is easy to make.

“Building a strong economy means building strong households, and if we share these benefits, the economy is strengthened as people start investing in essential things,” Tonko said.

“The tax credit earned shows that time and time again.”

dr. Leigh Wedenoja, senior policy analyst at the Rockefeller Institute of Government, said the payments will have a different effect compared to previous lump sum payments of child tax credit extensions and income tax credit extensions.

“Sixty-six percent of income tax recipients spent some or all of their payments paying off debt,” Wedenoja said.

β€œMonthly payments will allow families to build up less debt, have fewer bills in default and potentially get out of debt and repayment systems, and avoid things like eviction, especially through COVID-19 recovery.”

As for eligibility for the extended federal child tax credit, Wedenoja said the income limit is $150,000 for married or joint filing, $112,500 for householder and $75,000 for single filing.

Shana Davis, an Albany County resident who attended the event today and is raising her teenage grandchild, said she will personally benefit from the expanded child tax credit.

β€œThis could be a difference in paying a light bill, or paying the car payment this month. It can make a difference to work part-time, or to be able to be at home with my child to support them,” Davis said.

Senate Majority Leader Chuck Schumer previously said in: April of this year that the expanded child tax credit would reduce child poverty statewide by 50%, as the payments are fully refundable.

Payments begin to go out Thursday, and elected officials are encouraging eligible New Yorkers to apply for assistance on the federal Child Tax Credit website.

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