News Round Up: April 29, 2024
Top Story: The Colorado House Finance Committee recently advanced House Bill 24-1311, a new state Family Affordability Tax Credit intended to be paired with the state’s existing Child Tax Credit (CTC) to provide more low-income families and children with more money. Families with children can receive up to $3,200 in the new tax credit. (Chalkbeat Colorado)
- California Assemblymember Dr. Corey Jackson (D) recently introduced ACA 21 and AB 2977, which would expand funding for state tax credits. ACA 21 seeks to expand the state’s Young Child Tax Credit (YCTC) to qualify children up to 18 years old. AB 2977 adjusts phaseout provisions for the state YCTC and Earned Income Tax Credit (EITC) and directs increased revenue from the shift to the Child Tax Credit Expansion Fund. (Contra Costa News)
- Colorado lawmakers are shifting focus to tax credits in the final weeks of the legislative session following the completion of the state’s spending plan. Lawmakers aim to tap into the Taxpayer’s Bill of Rights (TABOR) surplus to fund final policy priorities. However, filers have routinely rejected measures that would shift significant amounts from TABOR to state programs. (9 News)
- The Center on Budget and Policy Priorities (CBPP) highlighted the necessity of centering Black women in tax policy to promote equitable, thriving communities and to address the discriminatory effects of state tax codes. A key tax reform included promoting income stability through inclusive tax credits. (Center on Budget and Policy Priorities)