Your State’s Stance on Child Tax Credits in 2024: A Comprehensive Overview

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In 2024, the availability of child tax credits in different states is a key consideration for families navigating evolving tax policies.

 Understanding which states will offer these credits is crucial for parents optimizing tax strategies and ensuring optimal financial support for their children. 

This exploration examines state-level policies, shedding light on jurisdictions set to provide essential financial relief through child tax credits in the coming year.

2024 State Profiles: Where to Expect Child Tax Credits

Colorado’s Child Tax Credit

In Colorado, a Child Tax Credit is available to those who qualify for the Federal Child Tax Credit or would qualify if they had a Social Security Number. 

Similar to California, this credit is applicable for caregivers of children aged six or under and can amount to up to $1,200. The recent expansion in 2023 has extended the benefit to approximately 195,000 children this year.

California Child Tax Credit

In California, eligible parents and guardians can receive a state tax credit valued at a maximum of $1,117 for young children. 

To qualify, taxpayers must have an earned income of $30,931 or less, and the dependent child must be six years of age or younger, according to the guidelines provided by the California Franchise Tax Board.

Maine Child Tax Credit

Your-State’s-Stance-On-Child-Tax-Credits-In-2024-A-Comprehensive-Overview
In 2024, the availability of child tax credits in different states is a key consideration for families navigating evolving tax policies.

Similarly, in Maine, individuals eligible for the federal Child and Dependent Care Credit can claim a state-level refund equivalent to thirty-two percent of the federal credit. 

The value of the credit starts decreasing for taxpayers with incomes exceeding $102,600 (or $159,500 for joint filers) and eventually phases out.

Minnesota Child Tax Credit

Beginning in the previous year, Minnesota introduced a Child Tax Credit allowing taxpayers to claim $1,750 per child. Unlike some other states mentioned, there is no restriction on the number of dependent children one can claim.

According to the state’s tax authority, this credit is refundable, indicating that a refund can be received even if there is no outstanding tax liability. 

To be eligible, the taxpayer must have been a resident of Minnesota for the entire year, unable to claim the federal Earned Income Tax Credit, not claimed as a dependent on another tax return, and must not file separately if married. 

Vermont Child Tax Credit

The credit offered in Vermont closely resembles that provided in Oregon. 

Only parents and guardians with children under the age of five are eligible to claim this credit, and qualifying individuals can receive a maximum of $1,000. 

Notably, Vermont imposes higher income limits, allowing filers earning up to $125,000 to receive the full credit, with its value diminishing only after surpassing the $175,000 threshold.

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