HB5078

West Virginia HB5078 proposes a state child tax credit to support families with children, reduce child poverty, and boost the economy.

West Virginia HB5078 aims to establish a state child tax credit for eligible taxpayers to support working families with children, reduce child poverty, and help West Virginia's economy. The credit is 50% of the federal child tax credit allowed under the Internal Revenue Code. The credit is refundable if it exceeds the taxpayer's income taxes due. The bill defines "eligible child" as a qualifying child for the federal child tax credit and "federal child tax credit" as the credit allowed under section 24 of the Internal Revenue Code.