EITC and CTC claims in dollars, 2022

Refundable tax credits are used to reduce personal income taxes; if the credit is more than the taxes due, the taxpayer receives the difference as a tax refund. Vermont’s Earned Income Tax Credit (EITC), which supplements the federal EITC and is available to low- and moderate- income working families and individuals, is a refundable credit. The Vermont Child Tax Credit (CTC), which can be claimed for each child under 6, was adopted in 2022 and is also refundable.