A new report jointly released today by Hoosier Action and Community Change Action outlines the anticipated positive impacts of the recently expanded child tax credit for Hoosiers. For the past two months, the vast majority of Hoosier families with children under the age of 18 have been receiving monthly cash payments of $250-$300 per child as a part of the landmark expansion of the child tax credit through the American Rescue Plan. Using recently released data from the Niskanen Center, this new report outlines the widespread economic and fiscal benefits to Hoosiers which redound well beyond individual family units.
It is estimated that the child tax credit will result in a $701,861,037 incremental increase in consumer spending in Indiana across it’s 12-month expansion period which began July 15, support 13,987 full-time jobs in Indiana, and generate $60,921,538 in revenue for state and local governments in Indiana.
For the past few months, Hoosier Action Moms Organizer Eva Bell has conducted extensive outreach across the state to help ensure families receive their monthly child checks. Alongside other Hoosier mothers, she’s held thousands of conversations with parents:“This past year has been so hard on so many Hoosier families. The additional monthly cash payments have helped parents keep the lights on, feed their families, and invest in their children’s future.”
According to Pulse Survey data released by the Census Bureau on August 11th , the positive economic impacts of the child tax credit have already begun. The pulse survey collected data before and after the child checks arrived, and found a reduction in economic and food insecurity for US families. Hoosier Action leader and Mom Britney Taylor is one of the many Hoosier parents who have already benefited from the additional monthly cash payments: “When I got my first one, I actually paid one of my small bills, and then I used the rest for groceries because that’s what we needed.” In addition to continuing to educate Hoosier families about the child tax credit, Hoosier Action urges Indiana’s elected officials to support Hoosier families and grow the Hoosier economy by keeping the tax credit fully refundable.