News Round Up: March 21, 2022
Top Story: The Oregon Legislature recently passed House Bill 4157, which includes a one-time payment of $600 to Oregon households who received an Earned Income Tax Credit (EITC) on their 2020 tax filing. Payments will automatically be sent to tax filers, and taxpayers who were eligible for the EITC in 2020 but did not file can amend their federal and state returns by April 15th to receive their funds. (KTVZ)
- Two bills currently under review in the Illinois legislature seek to expand the number of families who are eligible for tax credits and increase the amount they receive. The first would expand EITC eligibility to include adults 18-24, older residents over 65, and tax filers using an Individual Taxpayer Identification Number (ITIN). The second would create a state-level Child Tax Credit (CTC) worth $600 per child. The proposal would cost roughly $415 million, which is <1% of the state’s average annual General Revenue Fund. (Heart of Illinois ABC)
- New York Joe Morelle recently announced his support for making recent expansions to the federal CTC permanent. He spoke on Rochester having one of the highest rates of child poverty in the nation and stated that expanding the CTC would allow people to return to work. (Spectrum News 1)
- A new state CTC proposal is under discussion among Connecticut lawmakers. The bill would offer families $600 per a maximum of three children under 17 years old. If passed, roughly half a million families would benefit from the credit. (The Sun)
- Connect to Collect, a program under The University of Utah College of Social and Behavioral Sciences, is assisting Utah families with filing for their EITC. (@TheU)
- In Virginia, United Way of Greater Richmond and Petersburg is reminding filers that their Volunteer Income Tax Assistance program is free for households making less than $58,000. Due to 2021’s expanded CTC and changes to the EITC, more individuals and families will receive bigger returns for this year’s filing. (NBC 12)
- Michigan Governor Gretchen Whitmer recently vetoed the Republican-backed $2.5 billion tax reduction that would have included a $500 CTC. She called the plan “financially unsustainable” and one that would leave a “multibillion-dollar hole in basic state government functions.” She instead hopes to build her own proposal for tax credits that would benefit retirees and lower-income households. (The Detroit News)