$1,000 CTC Monthly Payment 2024: The West Virginia House of Delegates has advanced a bill that will allow for personal income tax credits for child care, which is a big legislative step. Following a resounding 88-3 vote in a special session, the legislation now moves on to the Senate for additional review. Under the proposed law, families would receive a personal income tax credit equal to half of the federal child care tax credit.
A family qualifying for a $1,000 federal tax credit, for example, would also receive a $500 credit on their state income taxes. The law would go into effect retrospectively at the start of 2024 if it were adopted. On September 30, the first day of the extraordinary session, House Speaker Roger Hanshaw, a Republican from Clay, and Minority Leader Sean Hornbuckle, a Democrat from Campbell, submitted the bill.
Goals of the $1000 CTC Payment Plan
- This program is timely for child care providers around the state many of whom are struggling financially.
- Approximately 700 child care spots have reportedly been lost this year as a result of closures brought on by erratic funding and a personnel deficit brought on by low pay.
- As of right now, the state has been paying centres through an enrollment-based subsidy program that is mandated by the federal government.
- It is projected that by year end, these short-term funds will run out, highlighting the urgent need for long-term solutions.
- Governor Jim Justice also just added a plan for a 5 milliondoller’s investment to his special session agenda, with the goal of increasing child care services in West Virginia.
Lawmakers handle issues and advocate for families
Del. Voting in favour of the bill, Democratic legislator Kayla Young of Kanawha expressed confidence about its possible effects.She said, “It is really hard for families to access child care as it is, and it is quite expensive.”Young stressed the importance of lowering costs and boosting accessibility to ensure that families can receive high-quality care while parents are at work. She saw this law as a positive move, even though she knew it would not completely solve the problem of centre closures on its own.
- Young said, it takes a multi-pronged approach, but progress is being made. There is still much more to do, and we must support businesses, families and employers.
- Still, not every lawmaker supports the bill. Del. Elias Coop-Gonzalez, R-Randolph, was one of the three delegates who voted against it, voicing worries about potential injustices. He stated that -I am worried that this bill might favour one demographic over another.
- Coop-Gonzalez suggested looking into other options that would offer more extensive advantages, like increasing the standard deduction to giving parents more freedom in how they handle child care costs.
- The continued talks highlight the immediate requirements for the comprehensive measures to show the intricate issues affecting child care in West Virginia, even as the bill makes its way to the Senate.
