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Good afternoon, Senator Fonfara, Representative Horn, and members of the Committee, and thank you for this opportunity to testify. My name is Marco Guzman and I m a senior policy analyst with the Institute on Taxation and Economic Policy, or ITEP, and we’re a nonprofit research organization that focuses on state, local, and federal tax policy issues.
Fourteen states now provide Child Tax Credits to reduce poverty, boost economic security, and invest in children. This year alone, lawmakers in three states created new Child Tax Credits while lawmakers in seven states expanded existing credits. To maximize impact, lawmakers should consider making their credits fully refundable, not including an earnings requirement, setting a maximum amount per child instead of per household, setting state-specific phase-out ranges that target low- and middle-income families, indexing to inflation, and offering the option of advanced payments.
Lawmakers in many states have enacted "sales tax holidays" to temporarily suspend tax on purchases of clothing, school supplies and other items. But in 2023, the number of states with sales tax.