News Round Up: February 26, 2024
Top Story: New Jersey Gov. Phil Murphy (D) unveiled a proposal to keep the state Earned Income Tax Credit (EITC), Child Tax Credit (CTC), and Child and Dependent Care Tax Credit (CDCTC) as part of a $56 billion state budget. (NJ.com)
- Michigan Gretchen Whitmer (D) recently shared that roughly 300,000 Working Families Tax Credit checks valued at over $219 million were sent to eligible Michigan households. More than 700,000 families are anticipated to benefit from the state tax credit. (CBS News)
- Wisconsin Tony Evers (D) indicated support for some bills that are part of the Republican-backed $2.1 billion tax cut package, including an expanded state CDCTC, but not all of them. (CBS 58)
- The Center on Budgets and Policy Priorities highlights how the proposed expanded federal CTC’s lookback provision would allow families facing a temporary financial shift or decline to calculate and receive the tax credit based on prior year’s earnings. (Center on Budget and Policy Priorities)