Sen. Goldin proposes earned-income expansion

PROVIDENCE – Sen. Gayle Goldin, D-Providence, has introduced legislation to expand the earned income tax credit, in an effort to provide greater relief to “modest income” families.
The earned income tax credit reduces income tax liability for working individuals at the lower end of the income spectrum. It is available both federally and in various forms in many states, including Rhode Island.
Rhode Island’s credit is currently 25 percent of the federal credit, but only the first 15 percent is actually refundable for tax year 2014. However, the General Assembly approved a change last year that will reduce the credit to 10 percent in the 2015 tax year, but make it fully refundable.
Goldin’s proposal would increase the credit to 20 percent of the federal credit while maintaining its fully refundable status beginning in tax year 2016. •

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