$260 More Per Child In Massachusetts In 2024
The $1 billion dollar tax relief bill under the current Healy-Driscoll administration will provide some higher tax returns for many families in Massachusetts.
Governor Maura Healey (D) signed the historic bill into law on Oct. 4, 2023.
State Child Tax Credit Increases in 2023 and for 2024
Families expecting tax return money for tax year 2023 (sent in 2024), will see $130 per child under 13, and $260 more per child in tax year 2024 (sent in 2025).
The new Child and Dependent Tax Credit will help families by providing a refundable credit each year for each child under 13 and dependent adults over 65 years of age or with disabilities.
The new credit simplified existing benefits and removed the existing penalty for large families. The credit will be $310 per dependent in 2023 and $440 per dependent in 2024, and the value of the credit is not adjusted for inflation. -massbudget.org
Federal Child Tax Credit Remains Unchanged
The current federal tax credit for any child under 17 remains at $2000 per child.
When can you start filing your 2023 tax returns?
I normally get money back every year since I claim 0 dependents, so I like to file right away. The IRS estimates that starting on January 18th, you can begin filing which is a few days earlier than previous years.
Federal income tax returns for 2023 are due by April 15, 2024, or October 15, 2024, with a tax extension. There are seven tax rates: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The income thresholds for the 2023 tax brackets were adjusted significantly — up about 7% — from 2022 due to record-high inflation. This means that some people might be in a lower tax bracket than they were previously. -nerdwallet.com
The increase in the Massachusetts state child tax credit allows about 565,000 families to benefit from the most liberal in the country.
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