News Round Up: September 13, 2022
Top Story: New York Governor Kathy Hochul (D) recently announced a $475 million tax relief package for 1.8 million low-income New York households. Taxpayers who receive the Empire State Child Credit and the state Earned Income Tax Credit (EITC) or noncustodial parent EITC will receive two additional one-time payments. The program will provide an average of $270 per eligible household. (Governor Kathy Hochul Office)
- A recent report from the Institute on Taxation and Economic Policy (ITEP) compares two approaches to expanding the Child Tax Credit (CTC) – Sen. Mitt Romney’s (R-UT) plan and a full extension of the 2021 CTC expansion – and their potential impacts if they are fully enacted in 2023. (ITEP)
- The Center on Budget and Policy Priorities (CBPP) examined findings from a recent report from the U.S. Department of Agriculture on food insecurity rates in 2021 and highlighted how the level of food insecurity reached a two-decade low for households with children, which is largely attributed to pandemic relief efforts such as the 2021 expansion of the federal CTC. (CBPP)