May 27, 2022
SPEAKER KROWINSKI STATEMENT ON SIGNING OF SWEEPING TAX RELIEF PACKAGE
Montpelier, VT – Today, House Speaker Jill Krowinski issued the following statement on the signing of H.510:
“Today the Governor signed H.510 into law. This bill was one of our top legislative priorities in 2022. It’s an important and historic tax-relief package that benefits working families, students, child care workers, military retirees, and many other Vermonters.
“This legislation features our new Vermont Child Tax credit, which will give $1,000 per year to parents and guardians for every qualifying child age five and younger. The bill also increases the Child and Dependent Care Tax Credit (CDCC) from 50% to 72% of the federal CDCC and increases our Earned Income Tax Credit for low-income families with children. It creates a deduction for all interest paid on student loans, increases the income thresholds for Social Security, and allows for a new income exclusion for military and civil servant retirement benefits. Additionally, it increases the funding for the Aid for the Aged, Blind and Disabled program, the manufactured homes purchase and replacement program, and the Child Care Worker Retention Grant Program.
“At a time when Vermonters are facing rising costs in their day-to-day lives, this bill will provide $41 million dollars in tax relief to Vermonters. This legislation wouldn't have been possible without the leadership and vision of Representative Janet Ancel, Chair of the House Ways and Means Committee. I am also thankful for the collaborative spirit of our Senate President Pro Tem Becca Balint and Senator Ann Cummings, Chair of the Senate Finance Committee.
“This is a huge win for Vermonters and I’m proud we were able to pass legislation that will provide financial support to families and individuals across all 14 counties. We will continue to do the work to ensure communities across the state recover from the pandemic stronger than ever and no Vermonter is left behind.”
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