Blog: Rep. Ryan applauds expansion of Child Tax Credit – Financial Regulation News – Financial Regulation News

U.S. Rep. Tim Ryan (D-OH) said the expanded Child Tax Credit (CTC) recently passed in conjunction with the American Rescue Plan Act would prove life-changing for working families across Ohio.

© Shutterstock

Officials indicated the tax credit would benefit more than 2.3 million Ohio children and 137,000 children in the 13th Congressional District – adding the initiative would be transformative for working families while aiding the process of lifting millions out of poverty.

“They will help hard-working families make ends meet and to be able to put more money towards food, childcare, health services, clothing, and other essentials for qualifying families,” Ryan said. “We need to ensure that these changes become permanent as we work to lift generations of children out of poverty and help working and middle-class families with the financial resources they need to take care of each other.”

Through the provision, all qualifying families will receive the same monthly payments – $250 per month per child age 6-17 and $300 per month for every child under the age of six. Additionally, advance payments of the 2021 Child Tax Credit will be made regularly from July through December to eligible taxpayers.

Per legislative guidelines, the increased amounts are reduced for incomes over $150,000 for married taxpayers filing a joint return and qualifying widows or widowers, $112,500 for heads of household, and $75,000 for all other taxpayers.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s