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Staff outline governor's proposed changes to child tax credit, EITC and Social Security exemption
Summary
Committee staff summarized three proposed personal-income tax changes in the governor’s recommended budget — raising the child tax credit age limit, changing the EITC rate for taxpayers without children, and increasing the Social Security exemption threshold — with estimated fiscal impacts and data on current claimant characteristics.
A staff tax-policy presenter briefed the House Ways & Means Committee on Feb. 5 about three personal-income tax provisions in the governor’s recommended budget: an expansion of the state child tax credit, a change in the state Earned Income Tax Credit (EITC) formula for claimants without dependents, and a modest increase in the state Social Security income exemption.
Child tax credit: The presenter told the committee the state child tax credit is a $1,000 refundable credit per eligible child and is currently available to filers with qualifying dependents age 5 and younger. “If you are earning below 175,000 and you've got kids, ages 5 or younger, you can claim this credit,” the staff member said, summarizing current eligibility rules. The governor’s proposal would raise the age of eligibility from 5 to 6. The…
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