Child tax credit: Payment worth $300 per child to be sent to Maine families in 2024

Maine is one of several states continuing a form of the child tax credit into 2024, even as the Biden administration’s version of the credit expired last year.

The Pine Tree State offers a refundable child tax credit of up to $300 each year per child for eligible families in the state. The permanent recurring tax credit was expanded to be refundable earlier this year.

GRANITE STATE GAFFE: DEMOCRATS PUSH BIDEN WRITE-IN EFFORT IN NEW HAMPSHIRE

The tax credit is available to families with children under the age of 18.

To qualify for the $300 refundable tax credits, an individual must be making a federally adjusted gross income of $400,000 or less for joint filers or $200,000 or less for individual filers. Those who make more than those amounts may still receive a reduced credit, with the amount being reduced by $7.50 for every $1,000 above the limit.

The tax credit is currently fixed at $300 but will be indexed to inflation beginning on Jan. 1, 2025, as part of the annual budget that was signed into law in July. The original child tax credit for Maine was passed in 2018.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The child tax credit is similar to a federal child tax credit, which in 2021 was increased to $3,600 per child younger than 6 or up to $3,000 per child ages 6 through 17 for eligible families. The federal child tax credit expired in 2022, and since then, several states, including New York, Maryland, and California, have expanded their child tax credit offerings.

More information on tax credits provided to taxpayers in Maine can be found on the state’s website.