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Minnesota’s Enhanced Child Tax Credit Program
Safe Harbor, Advance Payments, and Income Thresholds Explained
Minnesota lawmakers approved a child tax credit program to help low- and middle-income families. The program gives $1,750 per child, with less money as income goes up. Last year, 210,000 families got around $2,500 each benefiting from this credit, according to the report of Marca.
Now, the program has been improved with “safe harbor” protections and advance payments. To get the full $1,750 credit, single filers must earn under $29,500, and married couples under $35,000. But even if you earn more, you might still get some credit depending on family size.
Starting next year, families can choose to get 50% of their credit in advance. The payment schedule—whether monthly, bi-monthly, or quarterly is still being decided. This system is like the federal one during the pandemic, giving families monthly payments per child.
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(photo: Marca.com)s
Minnesota’s Enhanced Child Tax Credit Program
Minnesota lawmakers approved a child tax credit program to help low- and middle-income families. The program gives $1,750 per child, with less money as income goes up. Last year, 210,000 families got around $2,500 each, benefiting from this credit.
Now, the program has been improved with “safe harbor” protections and advance payments. To get the full $1,750 credit, single filers must earn under $29,500, and married couples under $35,000. But even if you earn more, you might still get some credit, depending on family size.
Starting next year, families can choose to get 50% of their credit in advance. The payment schedule whether monthly, bi-monthly, or quarterly is still being decided. This system is like the federal one during the pandemic giving families monthly payments per child.
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