News Round Up: December 4, 2023

Top Story: Colorado Gov. Jared Polis (D) expanded the state Earned Income Tax Credit (EITC) from 25% to 50% of the federal rate for tax year 2023. The proposal was a one-time Taxpayer’s Bill of Rights (TABOR) refund mechanism to spend down excess state revenue for the 2022-23 fiscal year. (Colorado House Democrats)

  • An Ohio proposal that would create a Thriving Families Tax Credit (TFTC) awaits hearing in the Ohio House Ways and Means Committee. The bill, HB290, was introduced in October and would provide families with children with up to $1,000 per eligible child. (13 ABC, Ohio Capital Journal)
  • Wisconsin Gov. Tony Evers (D) vetoed a $2.2 billion tax cut package introduced by the state Senate, which included the creation of a child care tax credit. The Republican-backed plan was a substitute to the governor’s workforce development proposal. (NBC 15, AP News)
  • The Brookings Institution released research and an interactive map that showcases the progressing generosity of each state’s safety programs. Key programs included in the analysis are the federal and state-level EITCs and the refundable portion of the Child Tax Credit (CTC). (The Brookings Institution)
  • The Institute on Taxation and Economic Policy (ITEP) highlights how several states this year have made strides in improving their tax systems, emphasizing where lawmakers can continue to make progress in 2024 in expanding local tax credits and promoting racial equity. (Institute on Taxation and Economic Policy)
  • The National Women’s Law Center (NWLC) underscores how the substantial surge in poverty rates for women between 2021-2022 was in part attributed to the expiration of the 2021 expanded federal CTC. (National Women’s Law Center)
  • The Public Policy Institute of California (PPIC) released a policy brief highlighting the California Earned Income Tax Credit’s (CalEITC) reach. The report provides insight into where, when, and how the state EITC and similar credits are claimed. (Public Policy Institute of California)
  • #ICYMI: Tax Credits for Workers and Their Families (TCWF) highlights how claiming and raising awareness for federal and state EITCs can promote financial stability for our nation’s veterans. (Tax Credits for Workers and Their Families)