The Senate Taxes Committee, led by Chair Ann Rest, has given the thumbs up to a proposal that aims to put more money in the pockets of parents sooner rather than later. This measure is all about fast-tracking the delivery of Child Tax Credit (CTC) dough—meaning families won't have to twiddle their thumbs until tax season rolls around to feel some financial relief.

According to a legislative news released by the Senate DFL, last year's tax bill, which boasted a new CTC of $1,750 per child, is expected to take a big bite out of child poverty in Minnesota—like, a third of it. "Minnesotans are now experiencing the benefits enacted by the Legislature last year, including a nation-leading Child Tax Credit that is helping hundreds of thousands of children across the state and cutting our state’s child poverty rate by one-third," said Senator Rest.

The exact impact is nothing to scoff at. Minnesota Revenue Commissioner Paul Marquart broke it down for the Senate Taxes Committee, stating about $506 million in CTC benefits have been dished out, benefiting roughly 407,000 kids across Minnesota. That means, on average, families got about $2,500 back in their bank accounts this tax season.

But it's not just about the kids. Rest's bill isn't holding back on delivering some fiscal cheer to communities, too. It's offering a cool $33 million in tax relief for public projects. To be specific, 32 communities are exempt from paying sales tax for new public buildings like schools, city halls, and arenas.

With the committee's stamp of approval, the bill heads next to the Senate floor, where it aims to keep the money train rolling for Minnesota's families and communities.