The bill H.483 aims to enhance the Vermont Child Tax Credit, the earned income tax credit, and the income thresholds for the partial exemption of Social Security benefits and retirement income. Specifically, it proposes to expand the eligibility for the Vermont Child Tax Credit to include children who are six years old or younger, and to increase the earned income tax credit for individuals without qualifying children to 100 percent of the federal credit. Additionally, the bill seeks to raise the income thresholds that determine eligibility for the partial exemption of Social Security benefits and retirement income.

Key amendments include changing the age limit for the Child Tax Credit from five to six years, and adjusting the income thresholds for Social Security benefits and Civil Service Retirement System income from $50,000 to $55,000 for single filers, and from $65,000 to $70,000 for married couples filing jointly. The bill also stipulates that it will take effect retroactively on January 1, 2025, applying to taxable years beginning on or after that date.

Statutes affected:
As Introduced: 32-5830f, 32-5828b, 32-5830e