As we approach the end of summer, over 17,000 families across Minnesota are set to receive some extra financial relief. According to a statement from Senator Ann Rest, the state has started issuing the first of three advance payments for the Child Tax Credit (CTC) to eligible recipients. Senator Rest, who played a pivotal role in authoring the state's Child Tax Credit in 2023, highlighted that the payments are part of a program aimed at providing support to families ahead of the usual tax season timing.
The initiative, which saw legislative approval in 2024, is a pioneering one for the nation and allows families to access funds early on, amounting to an average of $446 in the first installment. "I am very pleased that Minnesota’s nation-leading Child Tax Credit we passed in 2023 is continuing to lift families across the state out of poverty," Senator Rest said. However, she also noted the collective effort put into refining the program, saying that the improved law from last year enables families to get their payments this year without having to wait until they file their tax returns in January.
With two additional payments to follow in September and November, the goal is to offer more immediate financial support. Eligible families have the option to sign up for these advance payments when they file their taxes annually, ensuring they can benefit from the credit throughout the year rather than in a single lump sum.
The impact of the CTC is not just measured in terms of immediate financial assistance to these 17,000-plus families—but in its broader reach across the state. New figures from the Minnesota Department of Revenue show that in this year alone, the CTC has distributed over $564 million to more than 219,000 Minnesota families, positively affecting over 447,000 children with an average total credit of $1,260. Since its inception last year, the CTC has injected more than $1 billion into family budgets statewide, Senator Rest highlighted in the recent release.
