News Round Up: April 1, 2024
Top Story: The New York State Senate and New York State Assembly proposed different ways to allocate $500 million of the state’s final budget to strengthen local tax credits for low- and middle-income families with children. The state Senate proposed replacing the existing Empire State Child Credit with a Working Families Tax Credit valued at $550 per eligible child. The state Assembly promoted expanding the Empire State Child Credit to up to 45% of the federal Child Tax Credit (CTC) and increasing the state Earned Income Tax Credit (EITC) from 30% to 45% of the federal value. (Spectrum Local News, Press-Republican)
- Tax Credits for Workers and Their Families (TCWF) highlights five essential ways advocates can ensure their state filers are well-prepared to claim local and federal tax credits. (Tax Credits for Workers and Their Families)
- Minnesota Matt Norris (DFL-Blaine) recently proposed HF4823, which expands the eligibility of the state CTC valued at $1,750 to families with children aged 18. (Minnesota Legislature)
- The U.S. Department of Treasury and Internal Revenue Service (IRS) recently launched a new Direct File Pilot Program, which provides free and direct tax-filing support to eligible taxpayers “with simple tax situations in 12 states,” including parents who claim the federal EITC and CTC. (S. Department of Treasury)
- A recent Center for American Progress analysis found that more than half of the nation’s governors shared plans to prioritize early care and education in their 2024 State of the State addresses, which includes proposing tax credits such as a state-level CTC and Child and Dependent Care Credit (CDCTC). (Center for American Progress)
- The Center on Budget and Policy Priorities (CBPP) urged the Senate to act immediately in passing the bipartisan tax bill that would expand the federal CTC and benefit roughly 6 million children under six in its first year. (Center on Budget and Policy Priorities)