Bill > S1841

This bill aims to increase family stabilization through the Earned Income Tax Credit (EITC). The key provisions of the bill are: 1. It amends the Massachusetts state tax law to establish a "Guaranteed Minimum Income Credit" that provides an EITC benefit to eligible individuals, caregivers, and students, even if they do not have qualifying children or have incomes above the federal EITC phaseout limits. 2. The credit amount is based on a "basic credit" of $2,400, adjusted annually for inflation, with additional benefits for families with qualifying children and dependents. 3. The bill requires the state to proactively disseminate information about the credit and coordinate with various state agencies and organizations to ensure the widest possible access and utilization of the credit. 4. The bill allows the credit to be claimed using either a Social Security number or an Individual Taxpayer Identification Number, and permits eligible individuals to receive estimated advance payments of the credit during the tax year. The goal of the bill is to provide greater financial support and stability for low-income families in Massachusetts through an enhanced state-level EITC program.

Budget and Finance

https://malegislature.gov/Bills/192/S1841