Personal Finance

1000 CTC Payment: West Virginia House Passes Bill for Child Tax Credit Up to $500

West Virginia House of Delegates passed a bill incorporating personal income tax credits for child care, providing families with a state tax credit equivalent to half of their federal tax credit.

1000 CTC Payment: A big step forward for the law was made when the West Virginia House of Delegates passed a bill that includes personal income tax credits for child care. The bill passed with a huge 88-3 vote in a special session on Monday. It will now go to the Senate to be looked at further.

Family could get a state tax credit equal to half of their federal child care tax credit if this plan goes through. Take the case of a family that gets a $1,000 federal tax credit. They would also get a $500 credit on their state taxes.

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The bill would go into effect retroactively at the start of 2024 if it were approved.

On September 30, during the first day of the special session, House Speaker Roger Hanshaw, a Republican from Clay, and Minority Leader Sean Hornbuckle, a Democrat from Campbell, introduced the bill.

This program comes at a crucial time for child care providers across the state, many of whom are facing financial difficulties. Around 700 child care spots have been lost this year due to closures caused by inconsistent funding and staff shortages, largely because of low wages.

Currently, the state supports centers through an enrollment-based subsidy program required by the federal government. However, this temporary funding is expected to run out by the end of the year, highlighting the urgent need for long-term solutions.

Governor Jim Justice also recently added a proposal for a $5 million investment to his special session agenda, with the goal of increasing child care services in West Virginia.

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Voting in favor of the bill, Del. Kayla Young, D-Kanawha, expressed optimism about its possible effects.

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“It’s really hard for families to access child care as it is, and it’s quite expensive,” she said according to Marca.

Young emphasized how crucial it is to increase accessibility and lower costs in order to guarantee that families can obtain high-quality care while parents are at work.

She saw this bill as a positive step, even though she knew it wouldn’t completely solve the problem of center closures on its own.

“It’s going to take a multi-pronged approach, but we’re moving forward,” Young stated.

“There’s still much more work to be done, and we need to support businesses, families, and employers.”

Still, not every lawmaker supports the bill. Three delegates voted against it, with one of them being Del. Elias Coop-Gonzalez, R-Randolph, who raised concerns about possible injustices.

“I’m worried that this bill might favor one demographic over another,” he said.

She suggested that we look into other options that might have bigger benefits, like raising the standard deduction to give parents more choices about how to pay for child care.

As the bill makes its way to the Senate, the ongoing talks make it clear how important it is to quickly come up with comprehensive plans to solve the complex problems that child care in West Virginia faces.

Eduvast Desk

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