Middle-Class Tax Credit: $3,000 Refund and Monthly Payments
This bill introduces a new tax credit of $3,000 for middle-income individuals, aiming to increase their take-home pay and enhance financial stability. The credit will be paid out monthly, with the amount depending on the previous year's income. Funds from this credit will not be counted as income when determining eligibility for other federal or state benefits.
Key points
New $3,000 tax credit for eligible individuals based on income.
Option to receive the credit in monthly installments to improve cash flow.
The credit will not affect eligibility for other social benefits, as it is not counted as income.
The credit amount will be gradually reduced for individuals earning above $30,000 annually (or $80,000 for heads of household).
Credit amounts will be adjusted annually for inflation.
Status:
Expired
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