News Round Up: August 7, 2023

Top Story: Oregon Gov. Tina Kotek (D) signed House Bill 3235, creating a new refundable state Child Tax Credit (CTC) valued at $1,000. (Bloomberg Tax)

  • With federal government funding slated to run out on September 30, Democratic lawmakers are supporting tax breaks for business— but only on the condition that any spending bill includes provisions for the federal CTC. (Bloomberg Law)
  • Deputy Secretary Wally Adeyemo recently spoke at the National Urban League Annual Conference, where he highlighted the success of the 2021 expanded federal CTC’s in reducing child poverty and empowering Black communities with greater financial stability. . (S. Department of the Treasury)
  • The 2021 expanded federal CTC provided families with economic stability and acted as a tax credit model for states wanting to create, expand, or improve state-level CTCs following the federal CTC expansion’s expiration. (Vox)
  • The Center on Budget and Policy Priorities (CBPP) sheds light on the 2023 legislative wins for state tax credits. In 2023, 18 states established or improved upon a state CTC or EITC. Currently, 14 states have a state CTC and 31 states, in addition to Washington D.C. and Puerto Rico, have adopted Earned Income Tax Credits (EITCs). (Center on Budget and Policy Priorities)