News Round Up: May 30, 2022
Top Story: Vermont Gov. Phil Scott (R) recently signed a tax cut package into law that included a state Child Tax Credit (CTC) worth $1,000 per child 5 years old and younger. The tax credit was modeled after the 2021 expanded federal CTC and is estimated to benefit roughly 30,000 children. (VTDigger)
- Faith leaders and church leaders in West Virginia urge U.S. Senator Joe Manchin (D-W.Va) and his colleagues to permanently expand the federal CTC. (WSAZ)
- The Virginia State General Assembly recently came to an agreement on the state budget, which would include making the state Earned Income Tax Credit (EITC) refundable. The proposal awaits approval from the full House and Senate, and Gov. Glenn Youngkin. (Washington Post)
- North Carolina State Rep. Wesley Harris introduced a bill to reinstate the state EITC. If passed, the credit would benefit roughly 1 million families in the state. (South Charlotte Weekly)
- The Illinois General Assembly passed an expansion of the EITC in April, which will expand the credit to workers without dependent children ages 18 to 24, older workers ages 65 and above, and taxpayers using Individual Taxpayer Identification Numbers (ITINs). The expansion will go into effect in the tax year 2023. (The Daily Northwestern)
- The Business Leaders for Michigan voiced their support for expanding the state EITC in hopes that the credit will increase workforce participation. (The Detroit News)