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1998 SESSION

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SB 564 Income tax; earned-income tax credit.

Introduced by: Stanley C. Walker | all patrons    ...    notes | add to my profiles

SUMMARY:

Earned-income tax credit. Allows a refundable earned-income credit for individuals whose annual income does not exceed $19,000. The amount of the credit is equal to a percentage of their federal earned-income credit. For individuals earning $11,000 or less, the credit is 10 percent of the federal earned-income credit. As an individual's income increases by increments of $1,000, the amount of the state credit declines by one percent of the federal credit amount, with individuals having an income between $18,000 and $19,000 receiving a credit of two percent of the amount of the federal credit. The credit will be available for taxable years beginning on and after January 1, 1998.

FULL TEXT

• 01/26/98  Senate: Presented & ordered printed 983094753  pdf

HISTORY

• 01/26/98  Senate: Presented & ordered printed 983094753
• 01/26/98  Senate: Referred to Committee on Finance
• 02/25/98  Senate: Left in Finance