HB 5078
Related to child tax credit
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to establish a permanent, refundable state child tax credit in West Virginia. The credit is intended to support working families with children and reduce child poverty, mirroring the goals of the federal child tax credit. It would provide a credit equal to 50% of the federal child and dependent care tax credit claimed by eligible taxpayers.
Key provisions
- Creates a refundable state child tax credit.
- The credit is 50% of the federal child and dependent care tax credit.
- Eligibility is based on claiming a federal child tax credit for an eligible child.
- The credit is available for tax years beginning on or after January 1, 2025.
- Excess credit is refunded to the taxpayer.
- Defines ‘eligible child’ and ‘federal child tax credit’.
- Aligns with the goals of the federal child tax credit.
- Allows for a credit against West Virginia income taxes.
Who is affected
- West Virginia taxpayers
- Families with children
- Working families
Notable changes
- Establishes a state-level child tax credit, supplementing the federal program.
- Provides a refundable portion of the credit.
Fiscal impact
The bill proposes to provide a state tax credit, and any excess credit would be refunded to taxpayers.
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