PATCH: LI Reps Urge Parents To File Taxes, Qualify For Child Tax Credit
Over 400,000 children on Long Island would benefit from the expanded tax credit available under the American Rescue Plan, lawmakers say.
WASHINGTON, DC — The expanded child tax credit, which is available under the American Rescue Plan, will benefit over 400,000 children on Long Island, the region's Democratic Congressional caucus members announced Friday as they urged families to file their taxes on time to take advantage of the provision.
U.S. Reps Thomas Suozzi and Kathleen Rice hosted a Zoom meeting to remind Long Island families to file their 2020 Federal tax returns by Monday, noting the expanded child tax credit has increased payouts to $3,600 for every child under six years old, as well as $3,000 for children from six to 17 years old.
Children over 18 years old, and full-time college students who are 19 to 24 years old, also qualify for up to $500 under the plan.
Under the provision, full payments are available for single parents making up to $75,000, or families making up to $150,000 per year, but the credit phases out by $50 for every $1,000 of income over the $75,000 for individuals and $150,000 for joint filers, officials said. The credit would equal $0 for single filers with income of $240,000 and married filers with $440,000, according to the provision.
Suozzi said that anyone with children under 17, might be eligible for "thousands of dollars under the expanded Child Tax Credit," urging parents to "make sure" they file by Monday.