By Scout Nelson
Governor Tim Walz recently announced that Minnesota’s pioneering Child Tax Credit has provided over $545 million to the budgets of more than 215,000 families across the state this year. This significant financial support was reported by the Minnesota Department of Revenue after the processing of most 2023 individual income tax returns.
The department revealed that over 215,000 tax returns included claims for the new Child Tax Credit, benefiting more than 437,000 eligible children. On average, families received a total credit of $1,244 per child.
“This year, we invested directly in the financial security and wellbeing of families across the state through our nation-leading Child Tax Credit,” said Governor Walz. “I’m grateful that nearly 440,000 children have already benefited. Minnesota is setting an example for the nation of how to lift families up, cut child poverty, and build a brighter future for Minnesotans.”
Lieutenant Governor Flanagan highlighted the profound impact of this initiative, stating, “This historic tax credit is a game-changer for Minnesota families. I’m beyond thrilled to know that hundreds of thousands of families can live with a little less stress knowing there is extra money in the bank this year.
This credit will help Minnesotans afford groceries, rent, or a new backpack for school, and this is just one way we are making Minnesota the best state for children and families.”
Revenue Commissioner Paul Marquart emphasized the credit’s role in reducing childhood poverty and enhancing family life in Minnesota. “Through the leadership of Governor Walz, Minnesota’s Child Tax Credit has become an effective tool in our goal of reducing childhood poverty and making Minnesota the best place to raise a family,” he said. “The advanced payment option he championed will make the credit even more effective – allowing parents to budget and utilize the money throughout the year.”
Minnesota is also pioneering the nation’s first advanced payment option for the Child Tax Credit, beginning with the 2024 tax year. This option allows parents to receive the credit in installments throughout the year rather than in a lump sum during tax season.
Photo Credit: pexels-nataliya-vaitkevich
Categories: Minnesota, General, Government & Policy, Rural Lifestyle, Farm Safety