HARTFORD, CT - Governor Dannel P. Malloy announced that more than 70,000 Connecticut income tax returns have been processed from taxpayers requesting and benefiting from the new Earned Income Tax Credit (EITC).
“Connecticut’s new Earned Income Tax Credit, like the longstanding federal Earned Income Tax Credit, provides an economic incentive for low income working families,” said Governor Malloy. “Higher than anticipated EITC applications show just how hard hit these families were during the recession. The additional income the credit provides will help families pay for essentials such as clothing for children, medical care, reduction of household debt, or other living expenses and perhaps even begin to save for the future.”
To date, the Department of Revenue Services (DRS) says that approximately $49.3 million in EITC credits have been approved to qualified applicants. DRS said this follows the trend of other EITC states with the majority of EITC claims being submitted in January and February. In all, the state expects as many as 190,000 Connecticut taxpayers to request the CT EITC.
“We are early in the first year of Connecticut’s EITC,” Governor Malloy said, “but we believe it is already making a difference in residents’ lives. At the same time, it’s a real reinvestment in the state’s consumer economy.”
The maximum CT EITC payment is $1,725. Combined with the federal EITC, the maximum payment a Connecticut family can receive is $7,476. Both programs are expected to put as much as $500 million into the hands of state residents. The EITC program also includes strong safeguards against fraud.
Taxpayers can learn more about this program at the DRS website.
