The state will become the first in the country to allow payments to be accelerated. A portion of the credit would be sent back to families in the second half of 2025 across three installments, with the remainder paid out in early 2026.

Minnesota families benefiting from the state's child tax credit will be able to cash in early next year, Gov. Tim Walz announced on Wednesday.

The State of Minnesota says more than 223,000 tax returns claimed the new Child Tax Credit for tax year 2023, for an average total credit of $1,242. That works out to over $562 million for the budgets of Minnesota families.