Wednesday, August 5, 2015

Tarr Lauds New Earned Income Tax Credit Law

400,000 Individuals and Families to Benefit From Tax Credit

Boston- Senate Minority Leader Bruce Tarr (R-Gloucester) joined Governor Charlie Baker, Lieutenant Governor Karyn Polito, Senate President Stan Rosenberg (D-Amherst) and several other lawmakers at the Grand Staircase of the State House today as Governor Baker signed into law House Bill 3671, which increases the state’s Earned Income Tax Credit (EITC ) from 15% of the Federal EITC to 23%.

Tarr has long been an ardent supporter of the EITC as a means of helping low-wage earning individuals and families, prompting Rosenberg to say, “This is a bi-partisan success. Without the help of Senator Bruce Tarr, the Minority Leader of the Senate, we would not be here today.”

Most recently, Tarr filed amendments to the Senate’s version of the Fiscal Year 2016 state budget to increase the state credit to 30% over a three year period. Although the amendments were unsuccessful, Tar continued to advocate for an EITC increase throughout the budget process.

Tarr commended Baker for developing a good, workable compromise that was supported overwhelmingly by the legislature. “Governor Baker rose to the challenge of making progress on the EITC, and as a result we have made major progress today,” said Senator Tarr.

Tarr, again today emphasized the importance of the EITC; “The earned income tax credit is among the most powerful and proven tools our nation has ever seen to reward work and support families earning lower wages. The Senate Republican Caucus has been relentless in its pursuit of increasing the EITC, and will continue to be because of its proven ability to help people who are working to gain a stronger economic position than they otherwise would have had,” said Tarr.

The new law extends the maximum state credit from $951 to $1,459 and is expected to benefit more than 400,000 individuals and families.