HONOLULU (KHON2) — With the official start of the federal tax season on Monday, Jan. 29, newly amended state legislation might help you get more money back.
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Changes made to state tax credit requirements were revised to allow more people to qualify, according to Department of Taxation Director, Gary Suganuma.
Among the changes include, the refundable Earned Income Tax Credit used to be calculated as 20% of the Federal EITC. After the last legislative session, the credit is now doubled to 40%.
Income requirements for the Refundable Food and Excise Tax Credit also expanded to allow a higher income threshold limit. Joint filers can now qualify if they make less than $60,000 while single filers can now qualify if they make less than $40,000. The credit is worth up to $220 per exemption compared to $110 in previous years, according to Suganuma.
For those with dependents, the Child and Dependent Care Tax Credit might also give families more money. The allowable employment-related expenses upon which the credit was calculated used to be $2,800, but were raised to $5,000. If you have two or more children who are dependents, the employment-related expense cap has been raised from $4,800 to $10,000, per Suganuma.