News Round Up: May 3, 2021
Top Story: President Joe Biden announced his American Families Plan last week, proposing expansions to the Child and Dependent Care Tax Credit (CDCTC), Earned Income Tax Credit (EITC), and Child Tax Credit (CTC). The ambitious plan received praise from organizations including the Center on Budget and Policy Priorities (CBPP), Center for American Progress, Institute on Taxation and Economic Policy (ITEP), and the Center for Law and Social Policy. (White House)
- A new blog post from ITEP analyzed the potential impact in every state of expanding the CTC to undocumented children through the American Families Plan, estimating over one million children’s families will become eligible to receive the credit. (ITEP)
- A recent report from the Bipartisan Policy Center examined the gaps in the CDCTC and how the American Rescue Plan improved the credit for low-income families. (Bipartisan Policy Center)
- The Connecticut legislature’s Finance, Revenue and Bonding Committee recently approved legislation to expand the state’s EITC to 40% of the federal credit and create a state CTC. (The CT Mirror)
- The Minnesota House recently passed a bill expanding the state’s Working Family Tax Credit, which is based on the federal EITC. (MPR News)
- The treasurer of Portage County, Ohio, urged state lawmakers to embrace “The People’s Budget,” a plan proposed by a coalition of state organizations that recommends making 10% of the state EITC refundable. (Record-Courier)