Eligible families can benefit from the existing Child Tax Credit, which provides up to $2,000 per qualifying child for the 2023 tax year. To qualify, children must have a Social Security number, be under 17 at the end of 2023, and be claimed as dependents on tax returns.
While federal stimulus checks were distributed during the pandemic under the CARES Act, Consolidated Appropriations Act, and American Rescue Plan Act, there are no plans for additional federal stimulus checks at this time.
Over 476 million payments totaling $814 billion were sent out during the pandemic, but no further federal stimulus checks are currently planned.
One of the current economic issues is inflation. Some policymakers argue that additional stimulus checks could exacerbate inflation by increasing consumer spending.
Other assistance programs
State and local governments might offer financial assistance programs. For instance, Alaskan residents might receive annual payments from the state's Permanent Fund Dividend, funded by natural resource profits.
California residents might qualify for a one-time tax rebate of up to $12,076 through the California Earned Income Tax Credit (CalEITC), Young Child Tax Credit (YCTC), and Foster Youth Tax Credit (FYTC).
The CalEITC supports low-income working Californians, providing up to $3,529 for those earning $30,950 or less annually.
The YCTC offers up to $1,117 per eligible tax return for taxpayers with a child under six. The FYTC provides up to $1,117 per eligible individual, or up to $2,234 for a couple if both qualify, aimed at current or former foster youth who were in care at age 13 or older through California's foster care system.
Besides these state programs, there are other ways to receive financial support, including class action settlements and government incentives for home upgrades. For example, a $1.8 million data breach settlement is offering $390 checks to affected individuals, and a new energy program provides $1,300 to eligible participants.
