Rhode Island EITC Increase Signed Into Law
June 24, 2016Print
Earlier today, Rhode Island Governor Gina Raimondo signed off on a new $8.9-billion budget for the state, which included an increase in the state’s Earned Income Tax Credit (EITC) from 12.5 to 15 percent of the federal credit.
This is the second year in a row in which the Rhode Island legislature has taken action to expand the state’s EITC, which was reduced from 25 percent of the federal credit to 10 percent in 2014. Gov. Raimondo has been a legislative champion for expanding the credit ever since taking office back in 2015. “Expanding the Earned Income Tax Credit is important to me because it helps hard-working, low-income families in Rhode Island. It rewards work and it helps families who are trying to make ends meet, often working one or two jobs. It puts money in their pockets. It’s the right thing to do, and it’ll stimulate our economy because they’ll go out and spend that money right here in the Rhode Island economy,” Raimondo has said.