Child tax credit: Payments worth $1,200 per child to be sent to Colorado families next year

Tens of thousands of Colorado families are set to receive child tax credit payments to the tune of $1,200 per child in 2024.

To be eligible, residents must have incomes of $75,000 or less, or $85,000 for married couples filing jointly, according to the Colorado Department of Revenue.

GOOGLE GOES TO COURT WITH FORTNITE DEVELOPER OVER APP PRICING DISPUTES

Gov. Jared Polis (D-CO) signed into law a significant expansion of Colorado’s tax credit program in June, making it the second largest in the country. The child tax credit was first introduced in 2021.

The June expansion affected not just the size of the payment but the number of children covered. The new credit covers 12,000 children who were excluded previously due to their parents’ income being too low. The program now covers over 195,000 Colorado children, according to the Jain Family Institute.

The expanded credit drew praise from advocates.

“Working people are at the center of our economy, and we need to ensure we are providing them the tools and resources to succeed. Cash policy is a great tool to keep our economy strong and ensure families are thriving,” Kathy White, executive director of the Colorado Fiscal Institute, said.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

“This legislation helps to create a more equitable tax system that gives families greater economic security with rising prices,” she added. “Together with our partners at JFI and the Helping Colorado Families Get Ahead Coalition, among others, we were able to ensure that those [child tax credit] expansion dollars would reach Colorado’s neediest kids. This bill is groundbreaking for Colorado and a national model.”

Immigration status does not affect eligibility.