Connecticut Contemplates New Law to Alleviate High Living Costs
Proposed Legislation Seeks to Establish a Special Credit for Families with Children
As stated by a published article in Public News Service, Connecticut is considering a new law to aid families struggling with high living costs. Currently lacking a special credit for families with children the proposed law aims to change that. According to the United Way of Connecticut, basic costs surged by 18% from 2021 to 2023. Single mom Jessica Vargas from New Britain highlights the potential of this new $600 per Connecticut child for those earning slightly too much for other assistance programs. The proposed $600 per Connecticut child could provide up to three kids offering significant support to families facing financial challenges.
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Connecticut’s Renewed Push for Child Tax Credit – Ray of Hope Emerges in 2024
In 2022, Connecticut’s attempt at a child tax credit failed but there’s new hope for a revised law. Meetings for both House and Senate versions show agreement, aiming to reduce the state’s child poverty rate which spiked from 4% to 11% after the federal child tax credit ended. State Representative Sarah Keitt stresses the benefits of permanent $600 per Connecticut child not only helping families but also boosting local businesses. She highlights that each dollar from the $600 per Connecticut child gives back $1.38 to the local economy and a 38% return on investment. Experts believe the potential state credit along with the expanded Federal Child Tax Credit will assist around 16 million low-income kids nationwide including 119,000 in Connecticut. These measures address current financial challenges and aim for a brighter future in the state.