Description of the Indicator
The tax credits indicator represents the total number of tax returns. Tax returns receiving Earned Income Tax Credit (EITC) and the average EITC amount for each return are also documented. Tax returns receiving the Child Tax Credit and the average Child Tax Credit amount for each return are also shown.
Why is it important?
Tax credits such as EITC and Child Tax Credit function as forms of social assistance, like other support programs. Working households with lower incomes can supplement their earnings with the assistance of the federal EITC. Low- to middle-income families with children can also receive the Child Tax Credit. These types of tax credits also strengthen the economy.
How is the region performing?
The average amounts per return has seen increases in the four-county area and the Commonwealth. Across all four counties and the state, the percentages of individuals receiving the Child Tax Credit decreased significantly in 2022 compared to prior years.