Gov. Tim Walz announced Wednesday that taxpayers who qualify for the state’s child tax credit now have the option to receive advance payments.

Minnesota’s child tax credit passed in the 2023 legislative session, making it the 15th state to offer a credit to working-class families. Now, Minnesota is set to be the first state to offer advanced payments for child tax credit recipients, according to Walz’s office.

The new payment option would allow recipients to receive parts of the following year’s credit in three advance payments sent in the second half of 2025 on top of the full child tax credit for the current filing year.

“The goal of this nation-leading tax credit is to lower child poverty and provide tax relief for working class families in Minnesota,” Walz said in a statement. “With the advance payment option, we’re making it easier for families to manage their annual household budget. This new option will increase financial freedom and ensure families have the support they need all year long.”

The statement said more than 200,000 Minnesotans claimed the child tax credit for tax year 2023, with an average total credit of $1,242, putting over $562 million into the budgets of Minnesota families in 2024.

In 2024, taxpayers may qualify for a child tax credit of $1,750 per qualifying child, with no limit on the number of children claimed.

Related Articles

Your Money: Building wealth in uncertain times: year-end planning moves

Your Money: Staying cyber-safe this holiday season

Your Money: Starting the tough conversations with your kids

Your Money: Charitable giving helps in at least two ways

Your Money: A balanced approach to end-of-life planning