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A hearing was held Monday, March 13th about possibly expanding the Washington State Working Families Tax Credit, and most of the comments were in favor.

Working Families Tax Credit Only applies to lower-income households

A substitute House Bill, Second Substitute House bill 1477, would expand this program to allow people who are married but filed separately to be eligible, and it would make retroactive payments available dating back 3 years. That money would be for those who are now qualified but were not before.

The WFTC pays a 'tax credit' of up to $1,200 to households who qualify.  According to the WFTC website, it asks if your household income (based upon married filing jointly with the IRS) was lower than $49.622. We did the calculations based on the joint filing category.

We clicked on "no" and the website indicated we were probably not eligible. 

Even if someone does not file married-jointly, the qualifying income thresholds are still well below middle-class levels

According to The Center Square, aside from a variety of people who testified in favor of the plan (representing various social groups) another 445 people who did not want to testify commented on the bill (via the hearing portal) they were in favor of it passing.

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The program is maintained by the WA State Department of Revenue.  If it were to pass, it would go into effect next January 1st. It still has to clear the State Senate. The WFTC is a new program, that went into effect this year in WA state.

You can click here to see the fiscal notes, or cost, of the bill to expand it.

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

 

 

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