|BATON ROUGE – The Louisiana Department of Revenue reminds Louisiana families preparing their 2011 state individual income tax returns about a refundable tax credit for working people with low to moderate incomes. More than a half-million Louisiana families claimed the Louisiana Earned Income Tax Credit in 2011 for an average benefit of $91.
The Louisiana Earned Income Tax Credit is equal to 3.5 percent of the federal EITC. For the 2011 tax year, the federal EITC is worth a maximum of $5,751, depending on such factors as filing status, income level and number of children claimed as dependents. According to the IRS, the income thresholds for the federal EITC are:
The maximum amounts of the federal EITC are as follows:
To calculate the amount of the Louisiana earned income credit, multiply the federal EITC amount by .035 (3.5 percent). Some examples:
Eligible Louisiana residents can claim the state earned income credit on line 21 of the Louisiana Resident Individual Income Tax Return in the section titled “Refundable Tax Credits.”
The comment form is closed.