New credit would help Maine families

Maine has an opportunity to put an estimated $91 million back into the pockets of working families. L.D. 1491 would expand our current Earned Income Tax Credit by creating the Maine Working Credit. This initiative would expand the number of families who can benefit from the tax credit and raises the credit from the current 5 percent of the federal Earned Income Tax Credit to 30 percent.

In my eight years of preparing taxes as a CPA, I saw a number of families claim the federal tax credit, but the amount they received from the state was so small that it did not help them. Currently, a family receiving $5,000 from the federal tax credit would receive $250. The Maine Working Credit would provide this family with $1,500. This is meaningful in helping struggling working families meet their needs.

Contact your legislator if you would like to help to help working Maine families and create an economic stimulus for the entire state of Maine. Ask them to support L.D. 1491.

Kryston Lemay

Auburn

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