The state of Oregon will send an amount of $5,000 to low-income families who filed their state income tax return and another $13,000 by combining the Earned Income Tax Credit and Oregon Earned Income Credit.
Residents in Oregon will receive another tax credit. (Photo: CNET)
$5,000 State Tax Credit
The lowest-income families in Oregon will receive an amount of $5,000 under the Oregon Kids Credit, which was created by state lawmakers last year. This is intended for those with a modified adjusted gross income (MAGI) of $25,000 or less.
In a published article in Oregon.gov, each child under the age of six at the end of the tax year will receive $1,000 and this is up to five dependent children. Meanwhile, a partial tax credit will be given for individuals and families with an MAGI up to $30,000.
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$13,000 Will Be Sent to Families in Oregon
According to a published article in NBC16, the lowest-income families in Oregon will receive $13,000 when the Earned Income Tax Credit and Oregon Earned Income Credit are combined. The ITC are for those with an adjusted gross income of up to $63,398 in 2023.
Furthermore, these credits are all refundable which means that a portion of the credit that is larger than what a taxpayer owes can be refunded.
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