Washington state launched the new Working Families Tax Credit in February that is estimated to benefit about 400,000 families. Now, Gov. Jay Inslee has signed legislation to expand this tax credit from Washington state.<\/p>\n

Changes To Tax Credit From Washington State<\/h2>\n

Applications for the new Working Families Tax Credit opened Feb. 1, offering up to $1,200 to eligible residents depending on their income level and the number of qualifying children they have.<\/p>\n

Gov. Inslee created this tax credit from Washington state to replace the federal pandemic-boosted tax credits, which expired last year. The credit aims to help families meet their needs amid rising costs and inflation.<\/p>\n

Washington state\u2019s new credit returns a part of the sales tax to eligible households. The Working Families Tax Credit is modeled after the federal EITC (Earned Income Tax Credit), which has significantly contributed to reducing poverty nationwide.<\/p>\n

Last month, Gov. Inslee urged residents to apply for the Working Families Tax Credit. As of last month, only about 150,000 families (of 400,000 families estimated to qualify) had applied for the credit.<\/p>\n

Gov. Inslee has now signed legislation to expand the scope of the Working Families Tax Credit. On Monday, the governor signed into law legislation (Second Substitute House Bill 1477) that makes technical and administrative changes to the new tax credit from Washington state.<\/p>\n

Changes made to the credit are: allowing married couples who file their taxes separately to be eligible for the credit, allowing retroactive refunds for up to three years to those who qualified but did not apply for the credit previously, and the Department of Revenue is now required to submit a biennial program report on the credit to the Legislature.<\/p>\n

Working Families Tax Credit: Who Will Get It?<\/h2>\n

Gov. Inslee is a longtime proponent of the tax credit and originally signed the Working Families Tax Credit legislation in 2021.<\/p>\n

\u201cIt\u2019s the result of strong bipartisan leadership and a statewide network of advocates and community organizations. Thanks to everyone who made today possible!\u201d Gov. Inslee said in a Facebook post at the time of launching the program in February this year.<\/p>\n

To qualify for the tax credit from Washington state, individuals and families should meet the following requirements:<\/p>\n

\n
• Must have a valid Individual Taxpayer Identification Number (ITIN) or Social Security Number (SSN).<\/li>\n
• Applicants must be 25 to 64 years old or have a qualifying child in 2022.<\/li>\n
• Must have lived in the state for at least 183 days.<\/li>\n
• Applicants must have filed their 2022 federal tax return.<\/li>\n
• Applicants must be eligible to claim the federal EITC (Earned Income Tax Credit) on their 2022 tax return.<\/li>\n<\/ul>\n

  Apart from these, applicants also need to meet the income requirements to qualify for the credit. You can visit this link to see if you qualify for the credit or not. Residents can apply for the credit either online or via paper application.<\/p>\n

  This article originally appeared on ValueWalk<\/i><\/p>\n

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  Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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