$600 Annual Child Tax Credit Could Be Coming For Millions Of Illinoisians

A new bill proposed in the Illinois Senate could send $600 to millions of families in need. Tax filing adults with children under age 17 that fall within the appropriate adjusted gross income range detailed by the U.S Sun could be eligible for up to $600 in annual credit with the passing of House Bill 4920.

The U.S Sun draws data from Columbia University’s Center on Poverty and Social Policy stating that this bill could cut the number of children living in poverty in half.

“This has been proven to affect poverty,” Representative Carol Ammons told HOI ABC. “This is an anti-poverty policy that we know works, we know gives people direct relief. And we have to do the right thing in the state of Illinois to make it effective and permanent.”

The plan would cost Illinois $415 million and it would give 40% of residents a tax cut.

According to Ammons, 44% of black households and 65% of latino households in Illinois will be eligible.

The passing of this bill could also benefit the overall economy of Illinois.

“It not only helps the households,” Allison Flanagan, CTBA Associate Budget and Policy Director told HOI ABC. “Those households then go out into the economy and spend in their local community. They might spend it at a grocery store or the corner store. That, in turn, boosts the local economy because that provides income for a business owner or a salary for a worker. So it continues to ripple in the economy.”