Says Tax Credit Will Put Money Back in the Pockets of MN Families hit Hard by Recent Price Increases
ST. PAUL, Minn. – With tax-filing season underway, Senate Taxes Committee Chair Ann Rest (DFL-New Hope) today urged Minnesotans to take advantage of the state’s nation-leading Child Tax Credit (CTC), which this year has already put money back in the pockets of more than 150,000 eligible working families across the state and helped lift thousands of children out of poverty.
Senator Rest, who as chair of the Senate Taxes Committee authored the 2023 CTC law, said it allows families to receive up to $1,750 per qualifying child. The credit is refundable, meaning families can receive the full value even if they do not owe state income tax.
“I am proud of Minnesota’s nation-leading Child Tax Credit law, which is significantly reducing child poverty across our state,” said Senator Rest. ” The credit will make life more affordable for Minnesota families during this time of rising prices and heightened economic uncertainty. It will put significant money back in their pockets and help them meet basic needs. And families can receive advance payments of the CTC during the year, so they don’t have to wait until they file their taxes next year.”
Sen. Rest said that qualified families can receive advanced payments of the CTC throughout the year. Information on advanced payments can be found on the Minnesota Department of Revenue website here.
So far this year, families who have claimed the credit received an average of more than $2,600, with more than 300,000 children benefitting across the state.
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