Big child tax credit incentive to file taxes on time

Local News

NEW YORK — Tax Day 2021 is Monday, May 17 and there is good reason for parents in particular to file on time: new expanded child tax credits.

Congressman Tom Suozzi estimates 440-thousand children on Long Island will benefit, and 3.4 million will benefit statewide. He and fellow Long Island Democrat Kathleen Rice held a joint press conference Friday to encourage parents to get their taxes in order by Monday in so they can get the money.

“It’s money going directly into family’s pockets to put food on the table and pay bills,” Rice said.

The child tax credit, passed as part of the latest COVID stimulus package, will give couples making less than $150,000, $3,600 for every child under the age of six and $3,000 for older children. People earning more will still get some money but it’ll be smaller amounts.

The IRS plans to send out half the tax credit as monthly payments beginning in July and apply half to your taxes next year. Taxpayers will also have the option of getting all the money as a tax credit next year.

But the bottom line is if you want get paid the proper amount on time— file by Monday.

“There are people still waiting to get stimulus checks because their income taxes were not filed on a timely basis,” Suozzi said.
 
This extended child tax credit is just for this year. Democrats want make it permanent. However their proposal is tied to a bunch of other jobs, infrastructure, and environmental efforts the Biden Administration is currently pushing with little GOP support.

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