Earned Income Tax Credit - Individuals Without Qualifying Children - Eligibility

HB 708 expands Maryland's Earned Income Tax Credit (EITC) eligibility for low-income workers without qualifying children by raising the income limit where the credit phases out from $19,160 to a higher amount. It establishes new income thresholds for qualifying credit amounts and requires annual inflation adjustments starting in 2025, using the same method as the federal EITC. This change directly affects Maryland residents earning below the new income limits who previously did not qualify for the state EITC. The bill modifies existing tax code provisions to automatically update these thresholds each year, ensuring the credit keeps pace with rising costs.