News Round Up: February 12, 2024
Top Story: Colorado Gov. Jared Polis (D) passed a bill to repeal and re-expand the state Earned Income Tax Credit (EITC). The new law replaces special session legislation, against which Rep. Scott Bottoms (R) filed a lawsuit, alleging that Democrats broke the law by not reading the bill at length. (The Center Square)
- Tax Credits for Workers and Their Families (TCWF) provides a comprehensive update on the legislative status of the proposed federal Child Tax Credit (CTC) expansion and how the expanded tax credit would impact millions of children from low-income families. (Tax Credits for Workers and Their Families)
- A recent Illinois Economic Policy Institute (ILEPI) and Project for Middle Class Renewal at the University of Illinois at Urbana-Champaign (UIUC) report highlights the economic, social, and fiscal impacts of implementing an Illinois CTC. (Illinois Economic Policy Institute)
- Approximately 90,000 children in Minnesota have already benefitted from the new state CTC, according to Gov. Tim Walz (D). The state CTC was enacted last year and is valued at $1,750 per eligible child. (Business Insider)
- The Virginia Senate Finance and Appropriations subcommittee rejected Gov. Glenn Youngkin’s (D) two-year budget proposal, which included expanding the non-refundable portion of the state EITC. State Democrats recently introduced two bills that would increase the refundable state EITC and currently await hearing in the House and Senate. (VPM)
- The Washington House passed House Bill 1895, which aims to simplify eligibility verification and streamline the application process to claim the state Working Family Tax Credit. (KIMA)
- The Center on Budget and Policy Priorities (CBPP) highlights how expanding the federal CTC would help amend structural disadvantages preventing children living in rural communities from receiving the full benefit. (Center on Budget and Policy Priorities)