The Federal House of Representatives approved Wednesday night to increase the credit for dependent minors (Child Tax Credit), Resident Commissioner, Jennifer Gonzalez Colon reported.
“This bipartisan project is an important step in promoting the financial stability of thousands of people in Puerto Rico as it provides a significant increase in the tax credits currently available to request through federal payroll. “These programs have proven essential to ensure that the island Families on the other hand feel relief in their pockets as they try to keep up with the increase in the cost of living due to inflation.”Gonzalez Colon expressed in written statements.
You could be one of the beneficiaries of receiving more money from the Child Tax Credit. To see more from Telemundo, visit https://www.nbc.com/networks/telemundo
The approved increases were $1,600 to $1,800 in tax year 2023, $1,900 in tax year 2024 and $2,000 in tax year 2025. Additionally, the project includes an adjustment for inflation that will begin in 2024.
According to the commissioner, it is expected that the Senate will address the project as soon as possible, so that it will be implemented in time for the filing of federal returns for the tax year 2023.
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