New Child Tax Credit Is Now In Effect

Parents will begin receiving more money per child under the new child tax credit rules starting Thursday.

Prior to the pandemic, 1 in 5 Oklahoma children lived in poverty. As the child tax credit is now in effect, there is hope in changing this statistic for the better.

For children under the age of six, there is a credit worth $300. For each child age six to 17, the credit will be worth $250.

The credit comes as a product of President Biden's American Rescue Plan with hopes to give families money when they need it each month. 

In order to qualify for these benefits, families cannot make over $150,000 each year. That amount is based on your latest tax return. 

For the next six months, parents should expect this assistance. You will have to claim the rest on your tax returns.

The changes should not have any impact on current Supplemental Nutrition Assistance Program (SNAP) or the Supplemental Nutrition Program for Women, Infants and Children (WIC) benefits.

It's estimated the benefit will help 63,000 Oklahoma children living under the poverty line. 

"Previously, it was a lump sum of $2,000 per qualifying child, and this again came one time per year, but now parents can get real-time relief to help with the expenses they need now," Oklahoma Policy Institute policy analyst Gabrielle Jacobi said.

If you have questions about your child tax credit, click here.