What are the 2023 Increased Tax Credit Limits?
Laurie Morse2022-09-27T13:48:04-04:002023 Tax Credit Limits Based on Filing Status: Tax Filing Status Previous Limit New Limit Single Filer $1,000 $2,500 Married Separate Filer $1,250 $2,500 Married Joint Filer $2,500 $5,000 Pass-Through Owner (not making HB 149 election)* $10,000 $25,000 C Corp, Trust, or Pass-Through electing to pay tax at the entity level (HB 149) 75% of annual tax liability New for 2023: 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 $434,783 ($25,000 divided by .0575 = $434,783). Keep in mind that income [...]