Washington State Department of Revenue launches new tax credit
The Washington State Department of Revenue launched a new tax credit Feb. 1 for Washington state residents. The Working Families Tax Credit (WFTC) is available for individuals and families who meet certain eligibility and requirements.
The WFTC is a use tax credit that low-income residents may be eligible for. The credit ranges from $50 to $1,200 depending on various factors of eligibility such as number of qualifying children and income. Other requirements include that an individual meets the eligibility for the federal Earned Income Tax Credit or that they are filing with an Individual Taxpayer Identification number.
A single individual with no children making less than $16,480 a year can expect to receive a maximum of $300 in credit. A married couple filing jointly with two children making less than $55,529 would receive at most $900.
"Based on the estimates that the department conducted back in 2021, we anticipate about 385,000 individuals will be eligible for working families," said Kevin Dixon, the assistant director of WFTC division with the Washington Department of Revenue. "We do have the appropriations from the legislature to fund all of those eligible individuals and families for working families."
https://www.msn.com/en-us/money/personalfinance/washington-state-department-of-revenue-launches-new-tax-credit/ar-AA1707Xz
