WTTW: Proposals Could Expand Eligibility for Earned Income Tax Credit
media mention“[Illinois] just piggybacks off of that by saying if you got the federal credit you get 18% of that for state purposes,” said Lisa Christensen Gee, the director of special initiatives at the Institute of Taxation and Economic Policy.
The credit offsets state income tax liability, and if an individual has more credit than the amount of taxes owed, the remainder will be refunded to them, she said.
People over the age of 24 and under 65 with earnings below the adjusted gross income level maximum — which varies depending on filing status, but doesn’t exceed $60,000 — is eligible for the credit. The system is more generous for people with children, Christensen Gee said.