Bill > HB2913

This bill establishes a new $1,000 refundable state child tax credit for West Virginia taxpayers beginning January 1, 2025. The legislation is designed to support working families with children by mirroring the federal child tax credit, with key provisions including a declaration of legislative intent to reduce child poverty and support local economies. The bill defines an "eligible child" as a qualifying child for federal child tax credit purposes and specifically references the child tax credit under section 24 of the internal revenue code. Importantly, the credit is fully refundable, meaning that if the tax credit amount exceeds a taxpayer's income tax liability, the difference will be refunded to the individual. The bill's underlying philosophy is to provide direct financial support to families with children, recognizing that such credits can positively impact early childhood development, family economic stability, and local economic conditions. By making the credit refundable, the legislation ensures that even low-income families who might not have a full tax liability can still benefit from the full $1,000 per eligible child.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2913&year=2025&sessiontype=RS&btype=bill