Authorizing child or child care tax credit
If enacted, SB184 will amend the West Virginia Code to create a new provision for a child tax credit that would align with federal guidelines. Eligible residents who already qualify for the federal child tax credit or federal child care expenses credit could receive a state credit that is either 20% of their child care expenses credit or 10% of their child tax credit, whichever is greater, but only if their income does not exceed $100,000. This initiative could significantly enhance disposable income for eligible families, potentially improving their access to essential services and resources.
Senate Bill 184 aims to establish a state-level child and child care tax credit for eligible West Virginia taxpayers. The intent of this legislation is to support low and middle-income families, particularly those with children under 17 years of age. By providing a refundable credit based on qualifying federal credits, the bill seeks to alleviate child poverty and bolster local economies, thereby contributing to early childhood development and health.
The sentiment around SB184 appears generally positive, particularly among advocates for low-income families and child welfare. Supporters argue that the bill provides necessary financial relief for families struggling to make ends meet, emphasizing its role in bolstering economic stability and fostering children's well-being. However, exact sentiments from legislators have not been detailed in the accessible data, leaving open the possibility of mixed opinions regarding fiscal implications and the potential impact on state revenue.
Notably, SB184's potential impacts on state funding and fiscal responsibilities may raise questions among lawmakers during discussions. Critics might express concerns about the sustainability of funding such tax credits and whether it could affect other budget allocations. However, the overall goal of reducing child poverty is a powerful rallying point for proponents, framing the bill as a necessary investment in the future of West Virginia's workforce.