Signed by Governor Tina Kotek

Vote Smart's Synopsis:

Vote to pass a bill that establishes a refundable child tax credit for households that make under $25,000.

Highlights:

• Defines terms related to tax credits (Sec. 1). 

• Establishes a new tax credit for each tax year (Sec. 1). 

• Specifies the amounts of the tax credits and how much per dependent one can get (Sec. 1). 

• Specifies that this cannot be claimed by a married taxpayer who files a separate return (Sec. 2). 

• Specifies that this tax credit will be adjusted based on the “US City Average Consumer Price Index” (Sec. 2). 

• Establishes a payment to taxpayers on a quarterly basis based on certain eligibility criteria and the tax year (Sec. 3). 

• Establishes a system that allows taxpayers to not receive payments, providing information to update their records for the purposes of the quarterly payments (Sec. 3). 

• Specifies that the payments go into effect two years after the first issuance of the 2023 act (Sec. 3).

Full Bill Text