WHAT'S THIS EXTRA MONEY IN MY BANK ACCOUNT?? Child Tax Credit payments start up this week.
Thanks to our US Senators and Representatives, families all over New Hampshire will start to receive Child Tax Credit money this week, with payments being sent out on the 15th. As part of the American Rescue Plan passed by Congress and signed by President Biden in March, the Child Tax Credit was increased, the age limit was expanded and, the best part, checks will be sent out monthly through the end of the year. What does this mean for Windham residents? With Windham's median income level falling well within the eligible income levels, families all over town will benefit from the tax credits, a boost that could help recipients and local businesses who have all taken a hit over the past year. "No one has been spared by the COVID-19 pandemic, from those who fell ill or were tragically taken by the virus, to those who lost their jobs or businesses, and families who are still struggling to pay the bills," said Senator Jeanne Shaheen in a column for the Concord Monitor. "The testimonies shared with me from Granite Staters who are most affected by this crisis drove my priorities during negotiations on the American Rescue Plan, which is the most significant COVID-19 relief legislation to date." The child tax credit was increased from $2,000 to up to $3,600 for incomes up to $150,000 for married couples filing jointly (and a reduced amount for family incomes up to $400,000). The law was also expanded to include 17-year-old children. The monthly payments will range up to $300 per child depending on family income and the age of the child. Families can receive the full credit if their income is less than $75,000 for households with a single filer, $112,500 for head-of-household filers, and $150,000 for married couples filing jointly. The important thing to note, however, is that this money is an advance on the tax credit for 2021 and will add up to about half of what a family can expect when they file 2021 taxes. The IRS allows families to discontinue the payments so that they can take the credit in one lump sum in April. Although the tax credit expansion was only put in place for 2021, Democrats in Congress are pushing to make the changes permanent. When you get your check, send a thank you note to Senator Shaheen, Senator Maggie Hassan and Representative Annie Kuster!
Windham Democratic Town Committee Windham, NH Valerie Roman, Chair.