News Round Up: June 21, 2021

Top Story: Scholars from The Brookings Institution analyzed the expanded Child Tax Credit (CTC), highlighting how the larger, refundable, monthly credit will help lift more than 5 million children over the poverty line. (Brookings)

  • A new blog post from the Institute on Taxation and Economic Policy (ITEP) answered commonly asked questions about the CTC’s expansion and its impact for families. (ITEP)
  • A new blog post from the Center on Budget and Policy Priorities (CBPP) summarized recent analysis of the expanded CTC, calling for the credit’s provisions to become permanent. (CBPP)
  • A new report from the Florida Policy Institute (FPI) analyzed childcare costs in the state, recommending that recent federal expansions to the CTC and Child and Dependent Care Tax Credit (CDCTC) are made permanent to reduce barriers to affordable, high-quality childcare. (FPI)
  • Lawmakers in Montgomery County, Maryland, passed a bill to expand eligibility for the county’s local income tax credit, the Working Families Income Supplement, to all residents who qualify for the state Earned Income Tax Credit (EITC). The bill will also expand eligibility to residents who file with Individual Taxpayer Identification Numbers (ITINs). (My MCM)
  • The New York State Assembly passed the Child Poverty Reduction Act, which will create an advisory council to issue recommendations on the state’s goal to halve the child poverty rate, including the potential to expand the state CTC.
  • The Wisconsin legislature passed legislation to enact a CDCTC worth up to 50% of the federal credit. (The Cap Times)