9191

Revenue Changes Tax Relief (cont)

Governorrsquos Tax Relief Package (cont)

bull Expand Earned Income Tax Credit (EITC) ($0 $21 mm)ndash Provide some relief for low- and moderate-income familiesndash EITC increases from 50 to 65 of federal credit

bull Internal Revenue Code (IRC) Update ($10 mm $20 mm)ndash Makes bonus payments to combat veterans tax-freendash Allows military death benefit contributions to retirement accountsndash Extends deductions including tuition and schoolteacher expensesndash Adds deduction for endangered species recovery expenses and extends

deduction for conservation easementsbull Caregiver Tax Credit ($0 $08 mm)

ndash Offsets some costs of caring for an older family memberndash Credit for 10 of certain caregiving expenses up to $150