As reported by GOBankingRates, Vermont has launched 

A child tax credit to help families who are no longer eligible for the federal Child Tax Credit.

For households earning less than $125,000, Republican Gov. Phil Scott approved a $1,000 child tax credit for every child aged 5 and under.

The Green Mountain State joined nine other states that have taken measures to compensate for

The lack of federal tax benefits available to their children. The program is expected to cost $32 million 

And benefit over 30,000 Vermont children. As part of the $1.9 trillion American Rescue Plan Act of 2021,

President Biden expanded the Child Tax Credit (CTC). As a result of the enhanced CTC,

Most working American families received $3,000 for each child under the age of 18 

And $3,600 for each child under the age of six. By December 31, 2021, 36 million households

With 61 million children had received monthly payments between $250 and $300 thanks 

To the refundable credit. According to Columbia University’s Center on Poverty & Social Policy,

More than 90% of all American children qualified for the expanded credit.

Swipe Up To Read More Stories

Swipe Up