The enactment of HB9361 would significantly impact state and federal tax laws concerning the EITC eligibility criteria. This change is expected to provide additional financial relief to older citizens who continue to work, supporting their economic stability and encouraging workforce participation among seniors. The bill's intent is to acknowledge the contributions of older individuals in the labor market and to provide them access to tax benefits that were previously denied based solely on age, offering equitable treatment under tax policy.
Summary
House Bill 9361, known as the 'EITC for Older Workers Act of 2024', proposes an amendment to the Internal Revenue Code of 1986 by removing the upper age limit for eligibility for the Earned Income Tax Credit (EITC). Currently, individuals aged 65 and older are not eligible for this tax credit, which is aimed at providing financial assistance to low- and moderate-income workers. By eliminating this age restriction, the bill seeks to expand financial support to older workers, thereby enabling them to benefit from this program as they continue contributing to the workforce.
Contention
Discussions surrounding HB9361 may focus on the implications of repealing the upper age limit on EITC eligibility. Supporters of the bill argue that it rectifies age-based discrimination in tax benefits and aligns with the objective of fostering an inclusive economy that values all workers, regardless of age. However, potential points of contention could arise regarding the financial implications for the federal budget, as increasing the pool of eligible individuals for the EITC may lead to higher expenditures. Critics may argue for the need to ensure that such expansions are fiscally responsible and sustainably funded.