Representative Avery Bourne is pushing for a tax relief proposal in the form of a tax credit for individuals who earn less than $75,000 a year to help offset rising inflation costs. The State Rep says that the estimated $1.4 billion could be paid out of the $8 billion COVID-19 relief fund since the 6.2% inflation rate was caused by the COVID-19 restrictions on businesses and job loss.
The new proposal would give credit of $200 for individuals making up to $75,000; $400 for filing jointly, and $200 for head of households making up to $112,500 annually. According to Representative Bourne, this credit would only kick in when inflation rates were over a certain level.
This legislation could be heard as early as January 4th when the General Assembly convenes again.