Illinois’ New Bill Proposal Could Reduce Child Poverty By 7.6%
A new bill was proposed in Springfield that could potentially reduce child poverty by nearly 7.6% in Illinois.
To put it into perspective, roughly 454,654 children in Illinois are currently living in poverty and the current poverty rate is at 16.16%. Sadly, that percentage is significantly higher in 25 other states.
What is a child tax credit?
A Child Tax Credit is intended to provide financial relief for low-income parents and their children. People with kids under the age of 17 may be eligible to claim a tax credit.
According to Wbez,
"Congress is nearing a January deadline to expand the national child tax credit, but Illinois lawmakers say they’re pushing forward on a state-level credit that would give working and low-income families financial relief regardless of what happens in Washington, D.C."
If this bill is passed, then families across Illinois could see a turnaround in child poverty.
As inflation continues to rise and costs weigh heavily on families in this economy, this could be life changing for working families and middle-class families with children.
"Illinois lawmakers are considering a bill that would institute a statewide child tax credit worth up to $700 per child." [wglt]
Lawmakers are still negotiating this deal and the size of the tax credit per child. It would cost the state $1 billion a year if they went through with $700/child.
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