Vermont H0483 expands income tax credits for child tax, earned income, and retirement benefits.

Vermont H0483 proposes to expand eligibility for the Vermont Child Tax Credit to include children up to six years old. It also increases the earned income tax credit for individuals without qualifying children to 100 percent of the federal credit. Additionally, the bill raises income thresholds for partial exemption of Social Security benefits and retirement income. The changes apply retroactively to taxable years beginning on and after January 1, 2025.

Vermont H0483 expands income tax credits for child tax, earned income, and retirement benefits.

Vermont H0483 proposes to expand eligibility for the Vermont Child Tax Credit to include children up to six years old. It also increases the earned income tax credit for individuals without qualifying children to 100 percent of the federal credit. Additionally, the bill raises income thresholds for partial exemption of Social Security benefits and retirement income. The changes apply retroactively to taxable years beginning on and after January 1, 2025.