Illinois legislators have introduced a bill poised to benefit countless families and significantly reduce child poverty within the state. The proposed legislation, Senate Bill 3329, aims to provide a $300 tax credit for each child in eligible households, a move celebrated by advocates and officials in Springfield.
State Representative Marcus Evans, a co-sponsor of the bill, voiced his support, highlighting the importance of Illinois joining the ranks of fourteen other states that have implemented similar Child Tax Credits (CTCs). This initiative, according to a study by the Illinois Economic Policy Institute, could extend support to over 800,000 households, thereby diminishing childhood poverty by 3.3% and elevating nearly 14,000 children above the poverty line.
Eligibility for this tax credit targets individual taxpayers earning $50,000 or less annually, with the threshold increasing to $75,000 for married couples filing jointly. The anticipated average tax credit per family is $560, contributing to over $630 million in economic stimulation for the state.
Despite the projected cost of $470.5 million for this program, experts from WBEZ suggest that the expenditure could be counterbalanced by decreased state spending on support services for low-income families, thanks to the bill’s implementation.
The bill is designed to be enacted immediately upon passage, marking a significant stride towards alleviating financial burdens on families and reducing child poverty across Illinois.