News Round Up: January 23, 2023

Top Story: Minnesota Gov. Tim Walz (D) revealed a $12 billion budget proposal that would expand the state Child and Dependent Care Tax Credit (CDCTC) to support child care expenses and that would introduce a state Child Tax Credit (CTC) that would provide families with children up to $3,000. (Minnesota Former)

  • In 2021, Maryland extended the state Earned Income Tax Credit (EITC) to include taxpayers using Individual Taxpayer Identification Numbers (ITINs). Gov. Wes Moore (D) unveiled a $63.1 billion budget proposal that would preserve the eligibility extension and expand it to the state CTC. (Washington Post)
  • Indiana Chuck Goodrich (R) proposed House Bill 1290, which would increase the state EITC from 10% to 15% of the federal credit. (WVPE)
  • The Institute on Taxation and Economic Policy (ITEP) released a list of states in the process of enacting or expanding state tax credits. Several states, such as Massachusetts and Nebraska, hope to include both EITC and CTC as part of this year’s legislation. (Institute on Taxation and Economic Policy)
  • In honor of National EITC Awareness Day, the Department of Insurance, Securities and Banking (DISB) and the United Way of the National Capital Area (UWNCA) are hosting a virtual event to discuss the positive impact of local and federal tax credit programs on DC (Department of Insurance, Securities and Banking)