The Earned Income Tax Credit: More Money for Working Mainers
Rising inflation is taking its toll on Mainers. For many working Mainers, it’s a daily struggle to put food on the table, pay bills, and provide for their families. But the Maine Legislature and Governor Mills are taking steps to help ease the burden, including expanding the Earned Income Tax Credit.
The Earned Income Tax Credit (EITC) is an anti-poverty tax policy that reduces the taxes owed by low and moderate-income families. It provides eligible filers with a refundable tax credit, increasing their access to housing, childcare, food, and other necessities. This year’s budget puts aside $27.6 million to boost that credit, increasing the maximum benefit by an average of $400 per family for a total average benefit of $764 a year. The increase is expected to impact over 90,000 Mainers.
By expanding Maine’s EITC, lawmakers are helping more families make ends meet and boosting the local economy in the process. Thank you to our leaders in Augusta for taking action and doing right by working families.