News Round Up: July 3, 2023
Top Story: Hawaii Gov. Josh Green (D) recently passed House Bill 954 (HB 954), which doubles the state EITC for five years from 20% of the federal EITC to 40%, providing $50 million in additional support for households eligible for the credit. (Hawaii Governor’s Office)
- #ICYMI: A new piece by Tax Credits for Workers and Families (TCWF) underscores how re-expanding the federal EITC and CTC could decrease the LGBTQ+ poverty rate and make critical strides towards addressing socioeconomic disparities. (Tax Credits for Workers and Families)
- #ICYMI: In honor of National Immigrant Heritage Month, TCWF explores how leveraging the CTC and EITC can create a financial gateway to support immigrant communities as they work to achieve the American dream. (Tax Credits for Workers and Families)
- The Massachusetts Senate advanced an expanded state EITC and a new state Child and Dependent Care Tax Credit (CDCTC) as part of a $590 million Tax Relief bill. The proposal expands the state EITC from 30% to 40% of the federal value and merges two existing child-centered tax credits into an enhanced CDCTC valued at $310 per eligible child or dependent. (The Millbury-Sutton Chronicle)
- New Jersey lawmakers in both chambers’ budget committees approved the expansion of the state CTC, increasing the tax credit’s value from $500 to $1,000. (New Jersey Monitor)
- Oregon lawmakers passed House Bill 3235 (HB 3235), introducing a new, fully refundable state CTC valued at $1,000 per child 5-years-old and younger. (KGW News)
- A slate of Democratic Congressmembers reintroduced the American Family Act, which includes legislation to reinstate the monthly child tax credit and creates a one-time $2,000 “baby bonus” for new parents. (AL.com)
- As of June 28, nearly two-thirds of states (31 plus the District of Columbia and Puerto Rico) offer an EITC, with 12 states improving their EITCs. Additionally, 10 states made improvements to their CTC in 2023 alone. (Institute on Taxation and Economic Policy)
- A study led by Stanford Medicine, UC Davis, and the University of California, San Francisco will examine the effect of guaranteed income, such as the EITC, on cancer incidence and health behaviors in impoverished communities in Northern California, with study results hoping to inform policy regarding income supplementation including whether to expand the EITC in the state. (Stanford Medicine)
- Every week, TCWF spotlights one of several partner organizations and the remarkable work happening within their respective states. This week we highlight the Oregon Center for Public Policy and its efforts to successfully bring House Bill 3235 (HB3235), also known as the “Oregon Kids’ Credit,” to the Governor’s table. (Oregon Center for Public Policy)