Astoria, OR – According to the state officials, the Oregon Kids Credit, created by the Legislature last year, is a refundable credit for low-income people with young dependent children.
For those with a modified adjusted gross income of $25,000 or less, the full credit is $1,000 per child for up to five dependent children under the age of six at the end of the tax year—a maximum benefit of $5,000.
A partial credit is available for individuals and families with an MAGI up to $30,000.
When combined with the federal Earned Income Tax Credit and the Oregon Earned Income Credit, it could help boost the tax refund for the lowest income families to more than $13,000.
The EITC is for people with an adjusted gross income of up to $63,398 in 2023.
Families may be eligible for a maximum refundable credit of $7,430 on their federal tax return, and a maximum Oregon EIC of $891 on their state tax return.
All three credits are fully refundable, meaning the portion of the credit that is larger than what a taxpayer owes can be refunded.
Taxpayers may even be able to claim the credits and receive a tax refund if they don’t normally file a tax return.
