Stay Informed!

By Jennifer Brooks on 03/25/2011 @ 11:15 AM

Tags: EITC, North Carolina, Assets & Opportunity Initiative

The following is the Assets & Opportunity Policy Update, which was sent out to our partners earlier this month. If you would like more information, please email scorecardpolicy@cfed.org.

• Automatic IRA: On February 9, the Illinois Senate introduced SB 1844, the Illinois Automatic IRA Act. A companion bill, HB 1672, was introduced on February 22, and has been assigned to the State Government Administration Committee. Assets & Opportunity partner, the Shriver Center drafted the bill and will be lobbying Illinois policymakers for support. If passed, the bill would allow employees who do not currently have an employer-sponsored retirement plan to deposit wages into an IRA trust fund administered by the State Treasurer's office.
• State EITC: SB 360 was introduced on February 15 in the Montana Senate. The bill would provide a state Earned Income Tax Credit (EITC) of 20% of the federal EITC for working families. Advocates across the state, including Assets & Opportunity partner Rural Dynamics, actively supported the bill. On March 11, legislators amended the bill to provide a State EITC of 10% of the federal credit. The bill, however, was tabled after a vote on party lines.
• State EITC: The North Carolina House introduced HB93 on February 16, which would eliminate the refundability of the state’s EITC. North Carolina’s state EITC is 5% of the federal credit. HB93 was referred to the House Finance Committee. Advocates across the state have been holding press conferences and events to protest the bill. Click here to read an op-ed article about the bill and the importance of the EITC to working families.
• State 529 Plan: The Texas Senate introduced SB 517 on February 28, and referred it to the Senate Finance Committee. If passed, the bill would allow unclaimed property funds to be used to support the Texas Save and Match Program. HB 1001, the companion bill, was also introduced and referred to the Appropriations Committee.

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