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HomeFinance News300,000 families eligible for new child tax credit this year.

300,000 families eligible for new child tax credit this year.

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Gov. Tim Walz and other state leaders are encouraging Minnesotans to take advantage of the state’s newly introduced child tax credit, which could potentially help up to 300,000 lower-income households save thousands of dollars this tax season. Under the bill signed by Walz last summer, eligible residents can claim a tax credit of up to $1,750 per child on their 2023 returns, with the aim of reducing child poverty by one-third. However, there are income restrictions for the credit, with phase-outs for individual taxpayers earning more than $29,500 and joint filers earning more than $35,000.

The hope is that the $400 million in tax credits will not only help struggling families but also have a ripple effect in the local economy. If you’re in need of filing your taxes, the governor’s office has listed more than 170 locations that offer free tax preparation assistance. There are also potential changes at the national level for taxes, as the U.S. Senate is still considering the federal child tax credit. They are discussing a plan for the federal credit to increase for upcoming years, making it important for families to stay up to date with these changes.

In the meantime, waiting to file taxes until these changes are finalized can help avoid having to amend returns later. For Minnesota residents, there are free tax preparation sites available, and for those wondering about their property tax returns, the state can’t start processing those until July 1, so they can afford to wait on it until then. If you’re expecting a refund, there are links provided to track it for both Minnesota and Wisconsin residents.

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