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In January you can claim up to $300 of this tax credit

In January you can claim up to $300 of this tax credit

The current year is already ending, however, you can claim a tax credit of up to $300.00 USD in the US starting next year. How to do it? Here we explain. If you live in the state of Arkansas, you can get this direct payment, which is very important in these times of inflation. Just last September, Governor Sarah Huckabee Sanders signed a tax bill that cuts taxes for corporations and individual taxpayers.

“The latest inflation report this week shows that Joe Biden's policies are continuing to raise prices. This makes this tax break more necessary than ever,” Sanders said. Additionally, he clarified that “this unique loan is non-repayable.” You have to fulfill several requirements to get it.

Required qualifications

If you want to avail the above financial assistance, it is necessary to meet the following eligibility requirements.

-File a 2023 Arkansas tax return.

Meet income requirements: $89,600.00 USD annually. Individuals will receive $150.00 USD if they are single taxpayers. Married couples filing jointly can receive up to $300.00 USD and must have income greater than $179,200.00 USD.

The loan is phased out for couples earning up to $207,200.00 USD.

-The credit is valid only for FY 2023 and will be effective from January 2024. Since it is non-refundable, it cannot be claimed as tax money.

Those who have lived in the state for only part of a year are not eligible for this tax benefit. Those who are not legal residents of Arkansas are also not eligible for this financial relief.

– The loan dates back to FY 2023 And claim can be made after filing tax returns.

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