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Fix NJ EITC bug #5201

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4 changes: 4 additions & 0 deletions changelog_entry.yaml
Original file line number Diff line number Diff line change
@@ -0,0 +1,4 @@
- bump: minor
changes:
fixed:
- NJ EITC correctly calculates federal EITC entitlement.
13 changes: 13 additions & 0 deletions policyengine_us/parameters/gov/irs/capital_gains/brackets.yaml
Original file line number Diff line number Diff line change
Expand Up @@ -7,6 +7,8 @@ rates:
2013-01-01: 0.15
3:
2013-01-01: 0.2
4:
2013-01-01: 0.2
metadata:
unit: /1
thresholds:
Expand Down Expand Up @@ -173,3 +175,14 @@ thresholds:
2022-01-01: 517_200
2023-01-01: 553_850
2024-01-01: 583_750
3:
SINGLE:
2013-01-01: 1_000_000_000
JOINT:
2013-01-01: 1_000_000_000
SEPARATE:
2013-01-01: 1_000_000_000
HEAD_OF_HOUSEHOLD:
2013-01-01: 1_000_000_000
SURVIVING_SPOUSE:
2013-01-01: 1_000_000_000
Original file line number Diff line number Diff line change
Expand Up @@ -23,9 +23,21 @@ def formula(tax_unit, period, parameters):

# Otherwise, return 0.
# Worksheet reference: https://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf#page=43
federal_eitc_eligible_assuming_income_ok = tax_unit(
"eitc_eligible", period
)
federal_eitc_meets_income_test = tax_unit(
"eitc_phased_in", period
) > tax_unit("eitc_reduction", period)
federal_eitc_takes_up = tax_unit("takes_up_eitc", period)
federal_eitc_eligible = (
federal_eitc_eligible_assuming_income_ok
& federal_eitc_meets_income_test
& federal_eitc_takes_up
)
federal_eitc = select(
[
tax_unit("eitc_eligible", period),
federal_eitc_eligible,
tax_unit("nj_childless_eitc_age_eligible", period),
],
[
Expand Down
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