News Round Up: March 13, 2023
Top Story: President Joe Biden revealed his fiscal year 2024 budget, which reinstates the federal Child Tax Credit’s (CTC) 2021 expansion, making it permanently refundable The proposal aims to increase the value of the federal CTC from $2,000 to $3,000 per child ages six and above, and to $3,600 per child under six. Additionally, the proposal includes the permanent expansion of the federal Earned Income Tax Credit (EITC) to benefit workers without children. (The White House)
- Michigan Gretchen Whitmer (D) enacted a new state EITC, which will provide an average refund of $3,150 and benefit 700,000 families. (Michigan Radio)
- Minnesota Grant Hauschild (DFL) is the chief author of Senate File 9, which would decouple state residents from the federal Child and Dependent Tax Credit (CDCTC) and expand the state CDCTC. (Duluth News Tribune)
- Pennsylvania State Representatives Melissa Shusterman (D) and Tina David (D) introduced legislation expanding the state CDCTC from 30% to 50% of the federal rate. (Pennsylvania House Democrats)
- Utah state legislature passed House Bill 170, which would enact a new state CTC of up to $1,000 per child ages three and younger. Next, the bill will be sent to Gov. Spencer Cox’s (R) desk. (ABC4)
- The Center on Budget and Policy Priorities (CBPP) analyzed tax decisions under debate and provided policymakers with suggestions on how to improve the U.S. tax code and fund key benefits such as an expanded federal CTC. (Center on Budget and Policy Priorities)