SPRINGFIELD, Ill. (WTVO) — Illinois legislators have introduced a bill that would create a state version of the Child Tax Credit after the federal tax credit expired last year.
If passed, eligible low-and middle-income Illinois families would receive a $700 tax credit for each child under the age of 17.
“Working parents are struggling worse than ever before. It is time for the state to create a permanent Child Tax Credit that puts money back into the pockets of parents in Illinois, so that parents can take care of their children and communities can begin to recover,” said State Senator Mike Simmons. “I am so proud to stand with this broad and diverse coalition of organizations and parents today to call for a permanent Child Tax Credit.”
Simmons advocated for an Illinois Child Tax Credit last year.
“As a mother of five and grandmother, I know we need a Child Tax Credit,” said Donna Carpenter, a parent leader with Community Organizing and Family Issues (COFI) who advocates for the policy. “Even a few hundred extra dollars can help families like mine to get through. With an extra $700, I could pay some of my bills and go to the store to buy clothing for my disabled son.”
If passed, the Illinois Child Tax Credit would go into effect for the 2024 tax season.
The group Economic Securtiy for Illinois says the program would cost taxpayers anywhere from $700-800 billion.
President Joe Biden signed a federal child tax credit in 2021 as part of the American Rescue Plan, which gave parents an advance payment on the Child Tax Credit they were deducting from their taxes.