News Round Up: April 17, 2023
Top Story: Maryland Gov. Wes Moore (D) permanently expanded the state Earned Income Tax Credit (EITC) to 45% of the federal rate and broadened eligibility for the state Child Tax Credit (CTC), benefiting at least 34,000 Maryland children. (The Center Square)
- CASH Campaign of Maryland released a press statement thanking the legislators who worked to pass the Family Prosperity Act and to expand the state EITC and state CTC. (CASH Campaign of Maryland)
- Tax Day is today and here’s a quick rundown of what to learn about the filing requirements, late penalties, and why there’s a decrease in tax refunds this year. (NBC News)
- The California Assembly Taxation and Revenue Committee passed Assembly Bill 1128, which would expand the Young Child Tax Credit (YCTC) to all eligible state EITC dependents and extend age eligibility to dependents 18 and younger and students 23 and younger. Next, the bill will be heard in the Assembly Appropriations Committee. (Sierra Sun Times)
- Last year, the state child tax rebate brought $92 million in tax relief to approximately 370,000 Connecticut children. This year, State Comptroller Sean Scanlon (D) and tax credit proponents are urging lawmakers to continue supporting families by including a state CTC in the budget. (FOX 61)
- The Florida Policy Institute has launched a new website dedicated to sharing the latest news, data, and promotional efforts around Florida’s proposed state-level EITC. Learn more by visiting Working Floridians Tax Rebate on the web.
- Illinois lawmakers are endorsing House Bill 3950, which would create a permanent state CTC valued at $700 per eligible dependent. (WTTW)
- Massachusetts House leaders proposed a $1.1 billion tax relief package that would combine two existing tax credits into a single tax credit with a phase-in value of $600 per dependent. The proposal would also expand the state EITC from 30% to 40% of the federal rate. (Boston Globe)
- To mark Tax Day, the Institute on Taxation and Economic Policy (ITEP) highlighted eight key insights on state tax codes and how local tax policies can inform a state resident’s livelihood. (Institute on Taxation and Economic Policy)
- ITEP has also suggested changes to regressive tax codes that would better support women and families, including proposals to expand and progress federal and state tax credits. (Institute on Taxation and Economic Policy)
- The Center on American Progress (CAP) analyzed President Biden’s budget proposal and its remedial effects on former President Trump’s tax cuts. The tax proposal would reverse several tax cuts for the wealthy and restore the expanded federal CTC, which in effect would lower taxes for low- and middle-income households. (Center on American Progress)
- Ahead of Tax Day, the Center on Budget and Policy Priorities (CBPP) provided a list of tax knowledge to inform filers about valuable tax credits, filing extensions, and helpful tax resources. (Center of Budget and Policy Priorities)
- In response to a pattern of regressive state tax cuts, CBPP is urging policymakers to focus on raising revenue and implementing state tax credits to better support the average worker. (Center on Budget and Policy Priorities)