DENVER (KDVR) — Families of young children can expect an extra boost from the government this year.
The IRS announce recently, beginning in July, families will see payments of up to $300 per child every month until July 2022.
So how does it work and how much will you get and what will it “cost”?
“Overall, about 90% of Colorado’s children and 96% of Colorado families will benefit from it,” Sen. Michael Bennet said.
When President Biden signed the latest stimulus plan into law, it included some serious tax relief for parents.
“Among other people, the poorest people in the country will now be eligible for it. Historically, that hasn’t been true,” Bennet told FOX31.
The senior senator at least 40 other Democrats want to keep that tax credit permanent. A report by the Center on Budget and Policy Priorities said just this temporary relief could lift 4 million children above the poverty line, 57,000 of them right here in Colorado.
“After many, many years of Washington cutting taxes for rich people and leaving everybody else behind, this represents a tax cut for the middle class and for working people at a time when they really need it,” said Bennet.
The amount you’ll get depends on your income, but starting July 15th if you have a child under 6 years old, you will get a $300 payment automatically per month. If your child is between 6 and 17, you will get up to $250. That’s for each child.
There is serious concern about the cost of all this by Republicans; They are asking if all parents really need this much of a tax credit? Some call it “welfare” and say charities and local governments provide enough support for struggling parents.
As of now, the boosted funds will last until next July.