Final answer:
It is false that a qualifying child is the same for the Federal and Oregon Child and Dependent Care and the Oregon Working Family Credit. While both aim to support working families, they may have distinct eligibility requirements. The Child Tax Credit (CTC) in particular was expanded to provide increased benefits and differs from state-specific programs.
Step-by-step explanation:
The statement that a qualifying child is the same for the Federal and Oregon Child and Dependent Care and the Oregon Working Family Credit is false. While both tax credits are designed to assist working families, the requirements for a qualifying child under each program may differ due to individual program guidelines or changes in tax law. For instance, the Child Tax Credit (CTC) was expanded under President Joe Biden's American Rescue Plan to provide more substantial support to families, including an increase in the credit amount and monthly payments. However, state-specific credits like Oregon's may have their own criteria that could differ from federal guidelines.
The CTC as discussed is part of a broader fiscal policy initiative aimed at reducing child poverty, while the EITC incentivizes work and increases labor supply, particularly among single mothers. The EITC structure may affect work incentives due to the phasing out of the tax credit as income increases. It is essential to review both federal and state-specific guidelines to determine the eligibility criteria for each credit concerning a qualifying child.