A “First of its Kind” PFML Plan launches in New Hampshire
Beginning in December 2022, employers can start enrolling in New Hampshire's new voluntary Paid Family and Medical Leave plan for employers and employees of all types of businesses.
On March 11, 2021, the American Rescue Plan Act of 2021 became public law. The new act provides additional support for taxpayers, small businesses, and other individuals due to COVID-19 and includes a new Child Tax Credit to support families.
While a Child Tax Credit was set in place many years ago, the new and improved child tax credit under the American Rescue Plan Act provides even more support to families during 2021. The new Child Tax Credit increases the amount of credit a family will receive from $2,000 per child to $3,600 for children under the age of 6 and $3,000 for children ages 6 to 17.
The Child Tax Credit also features income requirements to determine the amount of child tax credit. The previous Child Tax Credit features a minimum income amount of $2,500; however, the Child Tax Credit included in the American Rescue Plan Act eliminates the minimum income requirement. Individuals with an income of less than $75,000, $112,500 if filing as head of household, or $150,000 if filing jointly, are eligible for the full Child Tax Credit. The credit will decrease by $50 for each $1,000 earned over the income limit.
Beginning in July of 2021 and continuing monthly until the end of the year, eligible parents will start receiving checks of $300 for children under the age of 6 and $250 for children ages 6 to 17. Any additional amount not received will be included in an eligible parent’s 2021 tax refund. To ensure that eligible parents receive the correct total credit and to reduce overpayment, the Treasury Department will issue an online portal for taxpayers to update any necessary information. While the portal is still in production, it is expected to be available to parents on July 1, 2021.