DENVER (CBS4) – Colorado’s U.S. Sen. Michael Bennet answered some questions about the newly-expanded Child Tax Credit. Bennet was behind the legislation which is part of the American Rescue Plan Act.
He says 90% of Colorado children will benefit.READ MORE: Landon Wayne Johnston Arrested In Manitou Springs Cemetery Vandalism Case
Single parents with incomes of up to $75,500 and married couples with incomes of up to $150,000 will receive a $3,600 tax credit per child for children under age 6 and a $3,000 tax credit for children 6 to 18 years old. The money will be paid out monthly and is expected to lift 57,000 kids in Colorado out of poverty and cut the national child poverty rate by nearly 50%.READ MORE: COVID In Colorado: Boulder Restaurants Urged To Consider Requiring Proof Of Vaccination
“This means direct monthly help to cover groceries, for a college fund, maybe even a summer camp, and we want to make sure everyone eligible for the monthly benefits receives them,” said Bennet.
Critics say the money will disincentive work.MORE NEWS: Adams 12 Five Star Schools Faces Staff Shortage Just Weeks Before School Resumes This Fall
While the expansion expires after one year, Bennet hopes it becomes permanent.