TAX CREDITS FOR VT FAMILIES

On May 27th Senate President Pro Tempore Becca Balint issued the following statement on the signing of H.510, an act relating to tax reductions and other aid for Vermonters:

"One of our most important actions at the end of the session was passing H.510, a tax credit bill that puts $40 million back in the pockets of Vermont's working families.”

A centerpiece of the bill is a VT Child Tax Credit, building off the success of the federal one, that gives $1000 to low and middle-income families for each child aged five and under. The bill also expands the Earned Income Tax Credit for low-income families with children of all ages, creates a new VT Student Loan Interest deduction, expands our state Social Security exemption, and creates a new exemption for military retirees.

The Child Tax Credit had a steadfast champion in outgoing Ways & Means Chair Rep. Janet Ancel.

Sen. Balint continued, “We know that when we put money in families’ pockets it alleviates poverty and stimulates the economy. This bill is one important way the Legislature delivered on our commitment to use historic surplus revenues to improve the lives of Vermont families."