$700 Child Tax Credit Proposed In Illinois: Who Would Qualify Once Bill Is Passed?

$700 worth of Child Tax Credit is being proposed in the state of Illinois. Read and find out who would qualify for these tax credits once the bill will be passed!

Family with Child [Photo: Parents]

According to Russo, one of the sponsors, Senator Mike Simmons stated in a press conference on February 9 that the state of Illinois aims to launch a permanent Child Tax Credit. This Child Tax Credit is intended to provide financial assistance to the parents in Illinois so they can take care of their children as the community starts to recover from the COVID-19 pandemic.

READ ALSO: Up To $2,000 Child Tax Credit: Requirements, How To Claim Them

Who is eligible for the Child Tax Credit?

An article on the CBS News states that if the Bill 1444 is signed into law, the Child Tax Credit would come with restrictions on income requirements. For instance, only the individual filers who earn less than $50,000 and the joint filers who earn less than $75,000 would be eligible to claim the Child Tax Credit. In addition, each of their children must be below the age of 17 to qualify for the $700 in Child Tax Credit. The law would make this amount available to all eligible taxpayers every year.

However, the Bill 1444 is not yet guaranteed to pass and it is not yet certain if votes will even be garnered. According to Simmons, however, the expansion of the federal Child Tax Credit during the COVID-19 pandemic pulled millions of children out of poverty. If the Bill 1444 passes, almost half of all Illinois children would receive benefits from this economic relief for their parents.

READ ALSO: Maximize Your Benefits: How To Ensure Receiving The Full Child Tax Credit Payment