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						<span class="tag is-dark is-uppercase">Economy</span>
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<p>January 18, 2023 10:02 pm</p>
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<p>Minnesota families with children could soon get thousands of dollars in tax breaks if a new proposal is approved. Gov. Tim Walz recently announced a $12 billion budget proposal with a series of measures focusing on kids and families, including sending a child tax credit from Minnesota.</p>
<h2>Child Tax Credit From Minnesota: What Does The Proposal Say?</h2>
<p>On Tuesday, the Minnesota governor announced a $12 billion package that he says would make Minnesota the “best” in the country for kids. The package includes a series of proposals that aims to reduce the cost of childcare for middle-class families, as well as child poverty.</p>
<p>Gov. Walz describes the package as the “largest investment in public education in state history.” The proposal includes sending a child tax credit from Minnesota that would offer $1,000 per child (maximum credit of $3,000) to lower-income families.</p>
<p>The child tax credit from Minnesota would lead to more than $1 billion in tax cuts in 2024-2025 and 2026-2027, and is expected to reduce child poverty by 25%, according to the Governor’s Office.</p>
<p>“As a former teacher, coach, and parent, I have made it my mission to make Minnesota the best state in the country for kids to grow up,” said Gov. Walz.</p>
<h2>Other Measure Focusing On Kids And Families</h2>
<p>Along with offering a child tax credit, Gov. Walz also proposed expanding the Child and Dependent Care Credit. This program is expected to bring down the healthcare costs for 100,000 Minnesota households.</p>
<p>The proposal calls for giving up to $4,000 a year for childcare costs to families making under $200,000. Families with two children could get up to $8,000, while families with three children could receive up to $10,500.</p>
<p>Walz’s budget proposal also calls for expanding the public pre-K seats for about 25,000 children. The proposal also calls for investing in early learning scholarships, as well as improving childcare access for families by boosting childcare assistance payment rates.</p>
<p>Walz’s budget proposal also aims to address the childcare shortage by raising staff compensation and supporting providers starting childcare businesses.</p>
<p>To ease the burden of rising costs on schools, Gov. Walz’s proposal calls for tying school funding to inflation from 2026. There is also a proposal to increase the general education funding formula next year by 4% next year and 2% the year after.</p>
<p>The proposal also calls for reducing the special education cross subsidy for school districts by 50%. Further, the proposal sets aside $389 million in 2023-2025 and $424 million in 2026-2027 to provide universal school meals to ensure no student goes hungry at school.</p>
<p>Moreover, the school funding proposal includes a measure to fund hiring more school counselors, nurses, psychologists, social workers, and chemical health counselors.</p>
<p>Gov. Walz also plans to create a new Department of Children, Youth, and Families to “provide comprehensive support for families.”</p>
<p><i>This article originally appeared on ValueWalk</i></p>
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Gov. Walz Proposes Up to $3,000 in Child Tax Credit From Minnesota – Darlinez News.
