Child Tax Credit

The federal Taxpayer Relief Act of 1997 was signed into law this past August. One of the provisions is a $400-per-child tax credit beginning in tax year 1998 and increasing to $500 in 1999. The credit is available for a taxpayer's dependent son, daughter, grandchild, or eligible foster child. The child tax credit begins to phase out for individuals earning $75,000 and families making $110,000.

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