AURORA, Colo. (CBS4) – Sen. Michael Bennet wants to ensure every parent in Colorado knows about the new child tax credit. On Friday, Bennet toured the Creative Learning Academy in Aurora with Mayor Mike Coffman.
Bennet was behind the legislation which is part of the American Rescue Plan Act. On Friday, he co-hosted a discussion with the David & Laura Merage Foundation about how the tax credit will help families access quality child care.
Under the expanded tax credit, nearly every family across the U.S. is eligible for up to $300 each month for each child under the age of 6 and up to $250 each month for kids ages 6-17. Unlike the previous tax credit, families who do not earn enough to file a tax return are also eligible, as long as they sign up on the IRS website.
“We’re going to cut childhood poverty in this country almost in half. Ninety percent of the kids in Colorado and across the country are going to benefit from this, but it ends at the end of the year so we’ve got to find a way to extend it beyond that and I think we will,” Bennet said.
The first checks from the new child tax credit went out this week. The payments are scheduled to drop around the 15th of each month through the end of the year.