ATLANTA – Today, Congresswoman Nikema Williams (GA-05) released a new report from the Joint Economic Committee that estimates 77,000 Child Tax Credit monthly tax cuts were sent to 124,000 qualifying children in Georgia’s Fifth Congressional District in October. A total of $31.7 million in tax cuts went back in the pockets of hardworking Fifth District families.
Statewide, 1,265,000 monthly tax cuts went to families in October for a total of $537.8 million. The average tax cut was $425.
Nationwide, the Joint Economic Committee estimates the Child Tax Credit tax cuts are pumping $19.3 billion into local economies each month, supporting local jobs and businesses.
Families that are not automatically receiving monthly Child Tax Credit payments have until November 15 to sign up. People who are eligible for the Child Tax Credit but don’t sign up for advance monthly payments by the November 15 deadline can still claim the full credit of up to $3,600 per child by filing taxes next year. Learn more at the IRS’ Child Tax Credit website.
“This historic tax cut is putting more of hardworking families’ own money back in their pockets so they can pay for child care or put gas in the car to get work, put food on the table, cover school expenses, spend money at our local businesses while building better lives for their families,” said Congresswoman Williams. “In the Build Back Better Act Framework announced by President Biden, there is a one-year extension of the Child Tax Credit. While I am happy for the extension, we have seen the credits work and we must make them permanent.”
Click here to learn more about the full Joint Economic Committee’s study on how the Child Tax Credit is supporting local economies nationwide.