{"id":2482924,"date":"2024-01-23T12:08:46","date_gmt":"2024-01-23T17:08:46","guid":{"rendered":"https:\/\/www.valuewalk.com\/?p=2482924"},"modified":"2024-01-23T12:08:49","modified_gmt":"2024-01-23T17:08:49","slug":"lawmakers-eying-child-tax-credit-from-illinois","status":"publish","type":"post","link":"https:\/\/www.valuewalk.com\/lawmakers-eying-child-tax-credit-from-illinois\/","title":{"rendered":"Lawmakers Eying $300 In Child Tax Credit from Illinois"},"content":{"rendered":"\n

Congress could be nearing a deal on a child tax credit, but that isn\u2019t stopping Illinois from considering a child tax credit program of its own. The child tax credit from Illinois, if approved, will give $300 to working and low-income families. Researchers believe the child tax credit would help to significantly reduce the number of children living in poverty<\/a> and also boost the economy. \u00a0<\/p>\n\n\n\n

How much money to expect<\/h2>\n\n\n\n

Lawmakers are considering a proposal to give eligible families $300 in a child tax credit from Illinois. This proposal is a scaled-down version of a bill introduced<\/a> by Sen. Mike Simmons last year.<\/p>\n\n\n\n

Simmons\u2019 proposal, which called for $700 in child tax credit, was introduced in the Illinois Senate last year and is still under consideration. A similar bill was introduced in the state’s House of Representatives.<\/p>\n\n\n\n

\u201cWe know that the expansion of the federal child tax credit during the pandemic lifted millions of children out of poverty. And we know that if we pass this state level Child Tax Credit, nearly half of all Illinois children would benefit from this economic relief for parents all across the state. Now is the time to create a Child Tax Credit for Illinois,\u201d Sen. Simmons said<\/a> last year.<\/p>\n\n\n\n

Simmons\u2019 proposal (Senate Bill 1444) calls for giving $700 in tax credits to eligible low and middle-income families for each child under age 17. The proposal targets single filers earning less than $50,000 and joint filers earning less than $75,000. The credit amount is reduced by $24 for each $1,000 of income above the threshold.<\/p>\n\n\n\n

An analysis<\/a> by the Illinois Economic Policy Institute found that a child tax credit could reduce child poverty in the state by 7.6%. About 15.7% of children in the state live in poverty<\/a>, according to the Annie E. Casey Foundation.<\/p>\n\n\n\n

What\u2019s stopping a child tax credit from Illinois?<\/h2>\n\n\n\n

The expanded federal child tax credit introduced during the COVID-19 pandemic has inspired several states to implement their own permanent or temporary child tax credit in recent years.<\/p>\n\n\n\n

According to the U.S. Census Bureau, the expanded child tax credit pulled over two million children out of poverty nationwide. The expanded credit expired long ago, but now efforts are underway to revive the credit at least partly.<\/p>\n\n\n\n

Like many other states, Illinois could also come up with its own child tax credit program, but many are concerned about the cost of the program. Those in favor of a child tax credit argue that the cost of the program would be offset by potential reductions in state assistance for low-income families.<\/p>\n\n\n\n

Simmons\u2019 proposal would cost the state $1 billion a year. On the other hand, the proposal to send the $300 child tax credit would reduce child poverty by 3.3% and is estimated to cost $470 million.<\/p>\n ","protected":false},"excerpt":{"rendered":"

Congress could be nearing a deal on a child tax credit, but that isn\u2019t stopping Illinois from considering a child … Read more<\/a><\/p>\n","protected":false},"author":5478,"featured_media":2483054,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[383],"tags":[659116,660833],"states":[665819],"acf":[],"modified_by":"Umair Tariq","_links":{"self":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2482924"}],"collection":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/users\/5478"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/comments?post=2482924"}],"version-history":[{"count":3,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2482924\/revisions"}],"predecessor-version":[{"id":2483003,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2482924\/revisions\/2483003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media\/2483054"}],"wp:attachment":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media?parent=2482924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/categories?post=2482924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/tags?post=2482924"},{"taxonomy":"states","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/states?post=2482924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}