GOVERNOR LAMONT DIRECTS CONNECTICUT’S EARNED INCOME TAX CREDIT FOR 2020 TO BE RETROACTIVELY ENHANCED TO 41.5% USING FEDERAL CORONAVIRUS RELIEF FUNDS
Nearly 200,000 Low-to-Moderate Income Working Individuals and Families Will Receive Significant Boost in State Income Tax Credits (HARTFORD, CT) – Governor Ned Lamont today announced that he is directing the Connecticut Department of Revenue Services to retroactively enhance the 2020 Connecticut Earned Income Tax Credit (EITC) from 23% of the federal credit to 41.5%. The additional state tax refund will provide needed economic support to low-to-moderate income working individuals and families disproportionately burdened by COVID-19 and its negative economic impacts. The enhancement will benefit 198,708 households that earned up to $56,844 in 2020 and filed for that year’s EITC. The amount of each household’s enhanced credit is need-tested and depends on the size of its federal credit, which the IRS…