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2000 SESSION

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HB 1105 Income tax; earned-income tax credit.

Introduced by: Brian J. Moran | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Income tax; earned-income tax credit. Provides a refundable earned-income tax credit to individuals with a dependent child under age 18 equal to 10 percent of the federal earned-income credit allowed under § 32 (a) (1) of the Internal Revenue Code for taxable years beginning January 1, 2001. Taxpayers receive a refund equal to the amount their credit exceeds their tax liability for the taxable year. Also requires federal approval for TANF funds to be used to pay the refundable portion.

SUMMARY AS INTRODUCED:

Income tax; earned-income tax credit. Provides a refundable earned-income tax credit to individuals equal to ten percent of the federal earned-income credit allowed under § 32 (a) (1) of the Internal Revenue Code for taxable years beginning January 1, 2000. Taxpayers receive a refund equal to the amount their credit exceeds their tax liability for the taxable year.