News Round Up: June 17, 2024

Top Story: Colorado Gov. Jared Polis (D) recently passed House Bill 24-1311, a new state Family Affordability Tax Credit that will provide families with children up to $3,200 in credits. The credit will also be adjusted to account for changes to income, inflation, economic growth, and unemployment. (Colorado House Democrats)

  • Illinois Gov. J.B. Pritzker (D) enacted a new state Child Tax Credit (CTC) for families with children 12 and younger as part of a $53.1 billion 2025 Fiscal Year budget. The tax credit is funded by a $200 million tax hike on sportsbooks and video gambling. (Chicago Sun Times, NBC Chicago)
  • Michigan Rep. David Martin (R) introduced a new refundable tax credit as part of a comprehensive tax relief plan aimed at offsetting the cost of basic needs and providing financial relief. (Michigan House Republicans)
  • In May, the D.C. Council voted to strengthen the local Earned Income Tax Credit (EITC) and establish a new CTC valued at $500 per child for up to three children in low and middle-income households. (Washington Post)
  • North Carolina Gov. Roy Cooper (D) proposed a refundable state Child and Dependent Care Tax Credit (CDCTC) valued at up to $600 for working families as part the FY 2024-25 state budget. (Iredell Free News)
  • U.S. Treasury Secretary Janet Yellen announced the permanent implementation and expansion of a free online tax filing program piloted earlier this year. The program, “Direct File,” will be integrated with state tax systems and progressively expanded to include deductions and tax situations that are most common to working families. (The Hill)
  • The Institute on Taxation and Economic Policy (ITEP) encourages states to participate in the “Direct File” program, which simplifies tax filing and can help eligible taxpayers claim federal tax credits and save billions annually in filing fees and time. (Institute on Taxation and Economic Policy)
  • Tax Credits for Workers and Their Families (TCWF) is proud to spotlight partner organizations and the remarkable work happening within their respective states. Policy Matters Ohio raised to attention four essential policies that would improve and strengthen the state tax system, including a Thriving Families Tax Credit (TFTC) and refundable state EITC that would put more money back in the pockets of low- and middle-income families and individuals. (Policy Matters Ohio)