Money: These States Are Using Their Budget Surpluses to Give Tax Breaks to Residents
media mentionThe most impactful changes in state taxes this year have come in the form of new or expanded tax credits targeted at families with children, according to Aidan Davis, state policy director at the Institute of Taxation and Economic Policy (ITEP), a nonprofit, nonpartisan tax policy organization.
“The first really incredible — and, I would say, positive — trend was that 18 states created or enhanced child tax credits or income tax credits in their states,” Davis says. Three of those states (Minnesota, Oregon and Utah) launched brand-new child tax credits, she says, with the remainder altering, and usually improving, existing credits.