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Bill

A 3474

Relates to a working families tax credit

2025 Regular Session Introduced by George Alvarez and 35 co-sponsors

Bill A 3474 establishes a refundable tax credit for low- and moderate-income families, aiming to reduce their tax burden and enhance financial stability.

REFERRED TO WAYS AND MEANS
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WeVote Research Nonpartisan
Bill Summary · A 3474

Summary of Bill A 3474: Working Families Tax Credit

Overview

Bill A 3474 aims to establish and enhance a working families tax credit, designed to provide financial relief to low- and moderate-income families. The intent of the bill is to support working families by reducing their tax burden and promoting economic stability.

Key Provisions

  • Tax Credit Establishment: The bill proposes the creation of a refundable tax credit for eligible working families. This credit is intended to offset the costs of living and support essential expenses.
  • Eligibility Criteria: Families must meet specific income thresholds to qualify for the credit. The bill outlines the income limits, which are aimed at ensuring that assistance is directed toward those who need it most.
  • Credit Amount: While the exact dollar amount of the credit is not specified in the provided information, it is expected to be structured to provide meaningful support relative to the cost of living in the state.
  • Implementation Timeline: The bill does not specify an implementation date, but it is currently under consideration by the Ways and Means Committee, which will review its provisions and potential fiscal impact.

Affected Parties

  • Working Families: The primary beneficiaries of this bill will be low- and moderate-income families who are currently struggling with financial burdens. The tax credit aims to alleviate some of these pressures.
  • State Revenue: The implementation of the tax credit may have implications for state revenue, as it will reduce the tax income from eligible families. The bill will likely require a fiscal analysis to assess its long-term impact on the state budget.

Legislative Process

  • Introduced Date: The bill was introduced on January 27, 2025.
  • Current Status: As of now, the bill has been referred to the Ways and Means Committee for further discussion and evaluation. This committee will play a crucial role in determining the bill's viability and any necessary amendments.

Related Legislation

  • S 9610: A related bill from the prior session that may provide context or additional provisions relevant to the working families tax credit.
  • A 4022: Another prior-session bill that could be linked to the objectives of A 3474.
  • S 2082: A companion bill that may mirror or complement the provisions of A 3474, potentially facilitating a more comprehensive approach to supporting working families.

Conclusion

Bill A 3474 represents an effort to enhance financial support for working families through a targeted tax credit. As it moves through the legislative process, its provisions and potential impacts will be closely examined by the Ways and Means Committee. The outcome of this bill could significantly affect the economic well-being of many families in the state.

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

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