EAU CLAIRE (WQOW) - July 15 is the start of the child tax credit allowance, to mark the occasion, Rep. Ron Kind dished out details of the credit at Ramone's Ice Cream Parlor in Eau Claire.
According to Rep. Kind, roughly 1.2 million Wisconsin kids will be impacted by the child tax credit.
Qualified families will receive a payment up to $300 a month per child under 6, and up to $250 for children between the ages of 6 and 17.
Rep. Kind said he hopes that the credit will help alleviate financial hardship and get families back to work.
"The expense of child care is really out of hand right now, and we're hoping with this refundable tax credit, that [it] will help, as far as those expenses, that families face too, and that will enable more people to rejoin the workforce. It's one of the biggest issues that I hear, from businesses large and small; where are the workers that I need to hire right now emerging from the pandemic?" Kind said.
Kind said one of state's goals for the child tax credit is to cut the child poverty rate in half.
According to the IRS, the child tax credit is not an additional payment, rather an advancement on the credit taxpayers would receive when filing their 2021 tax return.
The credit will be distributed on the 15th of every month and ends in December. The second half of the child tax credit will come after filing your 2021 tax return.
If you need to opt-out of the child tax credit, the deadline to un-enroll from next month's payment is Aug. 2.