Low-income families who filed their Oregon state income tax return will get $5,000 from the state. Another $13,000 will be sent by adding the Earned Income Tax Credit and the Oregon Earned Income Credit.
$5,000 tax break from the state
Oregon lawmakers launched the Oregon Kids Credit last year. It gives $5,000 to families with the least amount of money who live in Oregon. For people whose modified adjusted gross income (MAGI) is $25,000 or less, this is for them.
A story on Oregon.gov says that every child under six years old at the end of the tax year will get $1,000. This is for up to five children who are depending on the taxpayer. At the same time, people and couples with a MAGI of up to $30,000 will get a partial tax credit.
Oregon families will get $13,000
An story in NBC16 says that when the Earned Income Tax Credit and the Oregon Earned Income Credit are added together, the lowest-income families in Oregon will get $13,000. People whose adjusted gross income in 2023 is up to $63,398 can get the ITC.
All of these credits are also refundable, which means that taxpayers can get back the part of the credit that is more than what they owe.
