GRAND RAPIDS, Mich. — Families in Michigan can expect some extra money coming their way in the next few weeks as part of the expanded child tax credit recently passed.
Senator Debbie Stabenow spoke at the Baxter Center in Grand Rapids Thursday morning to tout just how beneficial the expansion will be for those of us here in the mitten state.
Couples making less than $150,000 a year, and single parents making less than $112,500, qualify for the expanded tax credits.
“This is great news today," Senator Stabenow said Thursday.
"This is a tax cut for working families, not those at the top. We're talking about 92% of Michigan children who are in homes that are going to benefit from the new tax credit.”
Beginning on July 15, families with children under 18 years old will receive additional monthly payments— $300 a month for each child under 6, and $250 per child between the ages of 6 and 17.
“This will fuel an equitable recovery and significantly reduce child poverty," said Jamie Vosovic, community engagement specialist with the Michigan League of Public Policy.
Vosovic said that recent estimates from Columbia University's Poverty Center expect the expanded child tax credit will reduce the national child poverty rate by 45%.
The credit is expected to reduce Michigan's poverty rate by 34%.
“This goes right to where we want to provide support,” Senator Stabenow said.
She said on Thursday that about 90% of Michigan children, or roughly 1.9 million, will benefit from the expanded credits.
If you file an annual tax return, you do not need to do anything else to receive your additional payment.
If you do NOT file an annual tax return, you can easily apply to receive your additional payments HERE.