New Internal Revenue Service (IRS) guidelines for the federal electric vehicle (EV) tax credit are a “recipe for fraud,” warns the head of the Tax Foundation.
Consumers will now be able to automatically claim the tax credit at the point of sale on new or used EV purchases, rather than wait to claim it on their tax return, according to the latest Treasury Department guidance.
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Pennsylvania state representatives this week passed legislation creating a state version of the Earned Income Tax Credit (EITC).
The federal EITC, which went into effect in 1975, is designed to incentivize work. It ranges from $560 to $6,935 and goes to households earning up to $59,187. The proposed state-level counterpart would allow low-wage earners to claim 25 percent of the federal credit on their Pennsylvania taxes. Thirty-three states and the District of Columbia offer a similar credit.
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Two Pennsylvania state Senators from opposite sides of the aisle are asking colleagues to support legislation they are drafting to create a state earned income tax credit (EITC).
For nearly a half-century, lower-wage workers have benefitted from a federal EITC which ranges from $560 to $6,935 for a household earning up to $59,187, depending on the number of that filer’s qualifying children. In 2021, this program bestowed $1,874 on the average Pennsylvania family.
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