What are the 2024 Increased Tax Credit Limits?
Laurie Morse2023-09-25T08:58:27-04:002024 Tax Credit Limits Based on Filing Status Tax Filing Status 2024 Limit Single Filer $2,500 Married Separate Filer $2,500 Married Joint Filer $5,000 Pass-Through Owner (not making HB 149 election)* $25,000 C Corp, Trust, or Pass-Through electing to pay tax at the entity level (HB 149) 75% of annual tax liability Business that pays insurance premium tax 75% of annual tax liability, but credit shall not exceed $1 million *Pass-through income required to support a $25,000 tax credit is $455,373 ($25,000 divided by .0549 = $455,373). Keep in mind that income from the pass-throughs can include both profits (K-1) and [...]