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Earned Income Tax Credit Earned Income Tax Credit Informational Paper 3 Wisconsin Legislative Fiscal Bureau January, 2015 Earned Income Tax Credit Prepared by Rick Olin Wisconsin Legislative Fiscal Bureau One East Main, Suite 301 Madison, WI 53703 http://legis.wisconsin.gov/lfb Earned Income Tax Credit Introduction The earned income tax credit (EITC) is A nonrefundable Wisconsin credit was first offered at both the federal and state levels as a enacted in 1983 Wisconsin Act 27. The credit means of providing assistance to lower-income was set at 30% of the federal credit and was workers. The credit provides a supplement to the available only in 1984 and 1985, due to its repeal wages and self-employment income of such by 1985 Wisconsin Act 29, effective with the families and is intended to offset the impact of 1986 tax year. Three years later, 1989 Wisconsin the social security tax and increase the incentive Act 31 reinstated a refundable state earned in- to work. come credit, and for tax years 1989 through 1993, the state credit was calculated as a percent- The federal earned income tax credit has been age of the federal credit. Effective for tax year provided since 1975. In tax years 1991 through 1994, a separate, stand-alone state credit was es- 1993, supplemental credits were also provided tablished by 1993 Wisconsin Act 16, but 1995 for health insurance and children under the age of Wisconsin Act 27 modified the credit to again be one. The supplemental credits were eliminated calculated as a percentage of the federal credit. beginning in 1994 and the credit was extended to lower-income families without children as part of Both the federal and Wisconsin credits are the federal Revenue Reconciliation Act of 1993. refundable so individuals with little or no income The credit was simplified under the federal Eco- tax liability may still receive the credit. In 2013, nomic Growth and Tax Relief Reconciliation Act 22 other states and the District of Columbia of- of 2001 (EGTRRA), and the income phase-out fered an earned income credit that was calculated ranges for married couples applying for the EITC as a percentage of the federal credit. In Minneso- were raised in comparison to the levels for other ta, the working family credit is limited to claim- claimants. The American Recovery and Rein- ants who received the federal EITC, but the cred- vestment Act of 2009 (ARRA) further increased it is based on the claimant's earned income or the income phase-out ranges for married couples. federal AGI, rather than a percentage of the fed- Also, ARRA increased the maximum amount of eral credit. In addition to Wisconsin, 19 states the credit by adding an additional reimbursement and the District of Columbia offered a refundable level for taxpayers with three or more children. EITC, including Maryland and Rhode Island While ARRA limited both of these changes to tax where a nonrefundable credit is supplemented years 2009 and 2010, the Tax Relief, Unem- with an additional refundable credit for certain ployment Compensation Reauthorization, and taxpayers. Four states (Delaware, Maine, Ohio, Job Creation Act of 2010 extended these changes and Virginia) provided a nonrefundable credit. to 2011 and 2012. The American Taxpayer Relief Both Colorado and Washington have enacted an Act of 2012 extends the separate credit rate for EITC, but neither state has yet implemented its claimants with three or more children through credit. Washington is the first state without a 2017. In addition, the Act extends the higher in- state individual income tax to authorize an EITC. come phase-out ranges under ARRA through 2017, when the Act makes the higher income phase-out ranges under EGTRRA permanent. The remainder of this paper presents detailed 1 descriptions and eligibility requirements of the whichever is greater. The components of earned federal and Wisconsin earned income credits, income are described below in the section on program expenditure data regarding the Wiscon- "Income Used in Determining the Credit." sin credit, and a discussion of policy considera- tions relating to the credit. The maximum credit income, phase-out in- come, and maximum income amounts are adjust- ed each year for changes in inflation, while the credit percentages and phase-out rates remain the Federal Earned Income Tax Credit same. The parameters for the federal EITC for tax year 2014 are shown in Table 1. Calculation of the Credit Table 1: 2014 Federal Credit Provisions* The federal EITC is a refundable credit based No One Two 3 or More Children Child Children Children on income and family size. In addition, the credit has been affected by filing status since 2002. Credit Percentage 7.65% 34.00% 40.00% 45.00% Maximum Credit Income $6,480 $9,720 $13,650 $13,650 The EITC is generally based on earned in- Maximum Credit 496 3,305 5,460 6,143 come, although the credit can also be affected by Phase-Out Income 8,110 17,830 17,830 17,830 adjusted gross income (AGI). For claimants Phase-Out Rate 7.65% 15.98% 21.06% 21.06% Maximum Income 14,590 38,511 43,756 46,997 whose only income is earned income, the EITC is calculated based on a percentage of earned in- *For married-joint filers, the phase-out incomes and maximum come up to certain thresholds. The credit gradual- income levels exceed those shown above by $5,430. ly increases until earned income reaches the first threshold amount, at which a claimant receives As shown in the footnote to Table 1, the the maximum allowable credit. This income level phase-out income and maximum income amounts is referred to as the maximum credit income. are higher for married-joint filers than for other filers. Prior to tax year 2002, filing status was not Such claimants are eligible for the maximum a factor in the EITC computation, but a higher credit over a range of income levels, starting at phase-out income level for joint filers was estab- the maximum credit income and ending at a spec- lished in order to reduce the marriage penalty ex- ified phase-out income. For such a claimant perienced by married individuals. Initially set an whose income exceeds the phase-out income, the additional $1,000 in 2002, the higher phase-out credit is gradually reduced as follows: (a) a income level increased to $3,000 in 2008 under phase-out rate is applied to the amount by which EGTRRA and was increased to $5,000 in 2009 income exceeds the phase-out income; and (b) under ARRA. Both increases were enacted on a the resulting figure is subtracted from the maxi- temporary basis and were subject to indexing mum credit to arrive at the allowable credit for a provisions prior to their scheduled sunset. How- particular claimant. The level of income at which ever, the American Taxpayer Relief Act of 2012 the credit is eliminated is referred to as the max- extends the ARRA provisions through tax year imum income level. 2017 and extends the EGTRRA provisions per- manently. As a result, phase-out income levels If a claimant has unearned income in addition for joint filers will be higher by $5,000 plus an to earned income, the credit is initially calculated indexing adjustment, compared to other filers, using only earned income, but the phase-out cal- through 2017. For 2014, the phase-out level for culation is made using AGI or earned income, joint filers is higher by $5,430. After 2017, the 2 Table 2: 2014 Federal Credit Amounts Table 3: 2014 Federal Credit Amounts Single and Head-of-Household Filers Married-Joint Filers Earned No One Two 3 or More Earned No One Two 3 or More Income* Children Child Children Children Income* Children Child Children Children $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2,000 153 680 800 900 2,000 153 680 800 900 4,000 306 1,360 1,600 1,800 4,000 306 1,360 1,600 1,800 6,000 459 2,040 2,400 2,700 6,000 459 2,040 2,400 2,700 8,000 496 2,720 3,200 3,600 8,000 496 2,720 3,200 3,600 10,000 351 3,305 4,000 4,500 10,000 496 3,305 4,000 4,500 12,000 198 3,305 4,800 5,400 12,000 496 3,305 4,800 5,400 14,000 45 3,305 5,460 6,143 14,000 461 3,305 5,460 6,143 16,000 0 3,305 5,460 6,143 16,000 308 3,305 5,460 6,143 18,000 0 3,278 5,424 6,107 18,000 155 3,305 5,460 6,143 20,000 0 2,958 5,003 5,685 20,000 2 3,305 5,460 6,143 22,000 0 2,638 4,582 5,264 22,000 0 3,305 5,460 6,143 24,000 0 2,319 4,161 4,843 24,000 0 3,187 5,304 5,987 26,000 0 1,999 3,739 4,422 26,000 0 2,867 4,883 5,565 28,000 0 1,680 3,318 4,001 28,000 0 2,547 4,462 5,144 30,000 0 1,360 2,897 3,579 30,000 0 2,228 4,041 4,723 32,000 0 1,040 2,476 3,158 32,000 0 1,908 3,619 4,302 34,000 0 721 2,055 2,737 34,000 0 1,589 3,198 3,881 36,000 0 401 1,633 2,316 36,000 0 1,269 2,777 3,459 38,000 0 82 1,212 1,895 38,000 0 949 2,356 3,038 40,000 0 0 791 1,473 40,000 0 630 1,935 2,617 42,000 0 0 370 1,052 42,000 0 310 1,513 2,196 44,000 0 0 0 631 44,000 0 0 1,092 1,775 46,000 0 0 0 210 46,000 0 0 671 1,353 48,000 0 0 0 0 48,000 0 0 250 932 50,000 0 0 0 511 *For claimants other than married-joint filers, the credit is 52,000 0 0 0 90 based on the greater of earned income or AGI beginning at 54,000 0 0 0 0 $8,110 of income for claimants with no children and $17,830 of income for claimants with one or more *For married-joint filers, the credit is based on the greater children.
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