The monthly federal child tax credit provided by the Biden administration as part of its effort to alleviate the financial burden on families raising children has drawn to a close.
California’s Generous Child Tax Credit
In a recent report published by The Gazette, in October 30, 2023, however, the landscape is far from bleak for families across the United States, as several states have taken matters into their own hands, implementing their unique versions of the child tax credit. It explores the continuation of the child tax credit in California, detailing how families can still benefit from this initiative, even as the federal program concludes.
While the federal child tax credit program has concluded, California has emerged as a pioneer in offering substantial financial assistance to families. The Golden State is extending a fully refundable one-time child tax credit, providing up to $3,600 per qualifying child in 2024. Furthermore, there’s an additional young child tax credit available specifically for children under 6 years old.
This innovative approach to child tax credit aims to ease the financial strain on families, helping them provide a better future for their children.
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Understanding the Qualifications and Benefits
According to the data released by the Washington Examiner, families need not despair with the end of the federal child tax credit, as they can still take advantage of these state programs. Eligibility for the young child tax credit (YCTC) is based on having a child under 6 years old and qualifying for the California earned income tax credit (CalETC). The YCTC ranges up to $1,083 per tax return, subject to income limitations.
To qualify for CalETC, recipients must meet specific criteria, such as being at least 18 years old or having a dependent child, and having an earned income within a set range. Depending on the number of qualifying children, families can receive varying amounts, providing vital financial support during these challenging times.