Yellen Proposes Housing Tax Credit to Boost Supply on MSNBC

The Working Families on Housing Tax Credit Program Opens Doors for Washingtonians in Need

According to published article of fingerlakes1, Tax season brings potential relief for eligible individuals and families in Washington through the Working Families Tax Credit Program. With applications now open for tax year 2023 qualifying individuals stand to receive up to $1,255 in support. Criteria such as residency in Washington for over half a year being aged between 25 and 64 or having a qualifying child make applicants eligible for this housing tax credit. Last year the program disbursed over $100 million to nearly 163 thousand Washingtonians prompting leaders at the Washington State Department of Revenue to aim for an even broader impact this year.

READ ALSO:Approved Housing Bill By The Senate Finance Committee Announced To Qualify Renters For A Tax Credit

Washington’s Housing Tax Credit Program Offers Retroactive Relief, Extending Support Beyond Current Tax Year

The program introduces significant legislative changes allowing families to claim credits for up to three years from the federal tax return’s due date. This extension means that even if individuals missed out on claiming last year’s credit they can still apply for it now. Kevin Dixon  Assistant Director of the WFTC Division at the Washington Department of Revenue underscores the importance of tapping into this opportunity emphasizing that there are potentially hundreds of thousands of eligible individuals or families yet to apply. As applications surge for the 2023 tax year, the program remains committed to ensuring that those in need receive the financial support they deserve both for the current year and retroactively for missed opportunities.

READ ALSO: Dependents Equal Tax Savings: A Helping Hand For Family Finances