News Round Up: March 20, 2023

Top Story: Montana Gov. Greg Gianforte (R) recently included an expansion of the state Earned Income Tax Credit (EITC) in a $1 billion tax cut package. The expansion increased the value of the tax credit from 3% to 10% of the federal rate. (Montana Free Press)

  • New York lawmakers are discussing the expansion of the Empire State Child Credit, which is the state’s Child Tax Credit (CTC), to include children three and younger. Currently, only families with children aged between 4 to 17 are eligible for the tax credit. (Rochester First)
  • New York Attorney General Letitia James (D) along with NYC Mayor Eric Adams (D) and NYC Council Speaker Adrienne E. Adams (D) are encouraging eligible New Yorkers to claim state tax credits before Tax Day, which is only a few short weeks away. State officials have ramped up promotional activities to raise awareness about New York’s tax credits and the resources available for filing taxes. (Office of the New York Attorney General)
  • The Institute on Taxation and Economic Policy (ITEP) analyzed the potential impacts of President Biden’s budget proposal in a recent report. The president’s proposal would re-expand the federal CTC and include additional provisions that the 2021 expansion lacked. These provisions would allow parents to claim the tax credit for the entire year that child is born. (Institute on Taxation and Economic Policy)
  • A recently published guide provides young taxpayers with a comprehensive list of tax tips and definitions to prepare them for this year’s tax season. (Moneyzine)