News Round Up: July 25, 2022
Top Story: Two weeks ago, Pennsylvania Gov. Tom Wolf (D) signed the state’s $45.2 billion budget into law, which includes a new, permanent state-level Child Care Tax Credit (CTC). Households with one child dependent will be able to receive up to $3,000, and families with two or more dependents can receive up to $6,000. (Spotlight PA)
- As part of the most recently proposed $500 million tax relief package, Massachusetts Charlie Baker (R-MA) plans to increase the value of the state Earned Income Tax Credit (EITC) and Child and Dependent Care Tax Credit (CDCTC) and make the credits permanent. Under the proposed tax package, the CDCTC would increase from $180 to $310 per child or dependent and eliminate the maximum number of dependents. The state EITC would increase from 30% to 40% of the federal credit for low- to moderate-income individuals. (MassLive)
- U.S. Sen. Mazie Hirono (D-HI) joins over 20 other colleagues in introducing the Tax Filing Simplification Act of 2022, which would simplify tax filing tools so more eligible taxpayers can receive important tax credits such as the EITC and CTC. (Maui Now)
- U.S. Senate Finance Committee senior member Sen. Chuck Grassley (R-Iowa) recently proposed the Family and Community Inflation Relief Act, which would adjust the CTC and Non-Child Dependent Credit’s phase-out thresholds and credit amounts for inflation. (Sen. Chuck Grassley)