New Monthly Tax Credit for Early Childhood Education.
This bill establishes a new, refundable tax credit for early childhood education for families with children aged 2 to 4. Eligible families will receive monthly advance payments, contingent upon the child's enrollment in an early childhood education program.
Key points
Monthly financial support: The taxpayer will receive $667 per month for each eligible child who has attained age 2 but not age 5.
Advance payments: Funds will be disbursed monthly through an advance payment system.
Refundable credit: The taxpayer can receive the full credit amount even if they owe no taxes.
Income-based criteria: The support amount is limited based on household income relative to the poverty line.
Education requirement: The child must be enrolled in an early childhood education program (including private pre-kindergartens licensed or regulated by the State).
Protection from offset: Payments are legally protected from levy, garnishment, and offset for most debts.
Annual reconciliation: Advance payments will be reconciled with the actual tax credit when filing the tax return; overpayments may need to be repaid.
Introduced
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