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Bill

A 2498

Increases the earned income tax credit

2025 Regular Session Introduced by Joe Angelino and 24 co-sponsors

Bill A 2498 boosts the Earned Income Tax Credit, providing more financial support to low- to moderate-income workers, reducing poverty, and encouraging workforce participation.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 2498

Summary of Bill A 2498: Increases the Earned Income Tax Credit

Bill Number: A 2498
Title: Increases the Earned Income Tax Credit
Status: Referred to Ways and Means
Introduced: January 17, 2025
Classification: Bill

Purpose and Intent

Bill A 2498 aims to enhance the Earned Income Tax Credit (EITC), a key tax benefit designed to support low- to moderate-income working individuals and families. The primary intent of this legislation is to increase financial assistance for eligible taxpayers, thereby reducing poverty and incentivizing work.

Key Provisions

While the specific details of the provisions are not outlined in the provided information, typical enhancements to the EITC may include:

  • Increased Credit Amounts: Raising the maximum credit available to eligible taxpayers.
  • Expanded Eligibility: Broadening the income thresholds or qualifying criteria to include more families and individuals.
  • Adjustment for Inflation: Implementing annual adjustments to the credit amounts to account for inflation, ensuring that the benefit retains its value over time.

Affected Parties

The bill is expected to impact:

  • Low- to Moderate-Income Workers: Individuals and families who qualify for the EITC will benefit from increased financial support.
  • State Revenue: Changes to the EITC may affect state tax revenues, depending on the scale of the increase and the number of eligible claimants.
  • Community Organizations: Nonprofits and advocacy groups focused on economic support and poverty alleviation may see increased demand for their services as more individuals become eligible for the EITC.

Procedural Aspects

  • Current Status: As of January 17, 2025, the bill has been referred to the Ways and Means Committee for further consideration.
  • Related Legislation:
    • A 9258: A prior-session bill that may have similar objectives or provisions.
    • S 6839: A companion bill in the Senate that could facilitate discussions and potential passage of the EITC enhancements.

Conclusion

Bill A 2498 represents a significant effort to bolster the financial stability of working families through an increased Earned Income Tax Credit. By enhancing this critical tax benefit, the legislation seeks to alleviate economic hardship and promote workforce participation among low- to moderate-income earners. As the bill progresses through the legislative process, further details on specific provisions and their implications will be essential for understanding its full impact.

Compiled from official sources — confirm details with the bill’s official record.

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