When: Who it Affects: |
The child tax credit jumps to $1,000 The 2003 tax law increased the maximum amount of the child tax credit for 2003 to $1,000 under age 17, from $600 in 2002. Under the 2001 tax law, the credit wasn't supposed to reach $1,000 until 2010. Families who qualified for the tax credit in 2003 received $400 of it in the form of a rebate sent out in the summer and fall of 2003. The child tax credit is now refundable for up to 10% of your earned income over $10,000. That means that you may qualify for the credit even if you owe little or no income tax. |
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