Child tax credit: Direct payment worth $1,000 to be sent to Oregon families in 2024

While the Biden administration‘s monthly child tax credit to help families with the costs of raising children has ended, multiple states are issuing their own versions of the child tax credit.

Oregon is offering families a one-time tax credit worth up to $1,000 in 2024 for every dependent younger than six. The credit is fully refundable, meaning eligible taxpayers can receive the credit back as a tax refund.

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In 2021, the Biden administration announced an extension to the monthly CTC payments, increasing the maximum child credit from $2,000 per child to $3,600 per child younger than six or up to $3,000 per child ages six through 17. However, the expanded federal child tax credit expired in 2022. Oregon is one of at least eight other states now implementing or revamping previous state child tax credits.

Only Oregon households with children who are five years old or younger are eligible for the credit, meaning families with children six and up cannot partake. The credit will prioritize single parents or families with an adjusted gross income of $25,000 a year, and smaller credits are offered for families with incomes up to $30,000. Families who earn over $30,000 a year are ineligible.

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The bill was passed by the Democratic-led legislature in June, known as the Oregon Kids Credit, and will cost $37.5 million a year.
The new credit expires in 2029, while a number of other states have implemented permanent measures.

“By providing support during a child’s critical developmental years, the Oregon Kids’ Credit aims to address economic disparities and ensure that every child in Oregon has a strong foundation for life,” said Democratic state Sen. Wlnsvey Campos, co-chief sponsor of the bill.