News Round Up: February 13, 2023
Top Story: Wisconsin Gov. Tony Evers (D) unveiled his budget proposal, which focuses on tax cuts aimed at benefitting low- and middle-income families. If enacted, the plan would expand the state Earned Income Tax Credit (EITC) from 4%-11% to 16%-25% and expand the Child and Dependent Care Tax Credit (CDCTC) from 50% to 100% of the federal rate. (Wisconsin State Journal)
- Illinois lawmakers proposed a state Child Tax Credit (CTC) that would provide eligible parents with $700 per child. (WCIA)
- Indiana HB 1290, which would expand the state EITC from 10% to 12% of the federal rate, was unanimously passed by the House and will next head to the Senate. (WFYI)
- Michigan House Bill 4001, which includes an expansion of the state EITC from 6% to 30% of the federal rate, was marginally approved by the House and is now heading to the Senate for consideration. (Michigan Advance)
- Montana House Bill 268, which would enact a state CTC and would offer $1,200 per child under 6 years old, received unanimous approval from the House Taxation Committee and has moved to the House floor. (Montana Public Radio)
- The Center for American Progress (CAP) examined the impacts of the FairTax Act of 2023, which would radically restructure the nation’s tax system and eliminate resources that have benefited low- and middle-income families, such as the federal EITC and CTC. (Center for American Progress)