To allow a refundable child tax credit for all eligible for the federal tax credit

HB 2952 creates a refundable state child tax credit for West Virginia residents who qualify for the federal child tax credit. It provides a credit equal to 50% of the federal credit amount claimed on their federal return, directly benefiting working families with children who meet federal eligibility criteria. The credit is refundable, meaning families who owe no state income tax will receive the full credit amount as a cash payment. This policy aims to reduce child poverty and support local economies by supplementing federal benefits with state funds, effective for tax years beginning January 1, 2025.