SB 608 Creates an earned income tax credit
Sponsor: Smith
LR Number: 2481S.01I Fiscal Note:
Committee: Ways & Means
Last Action: 2/28/2007 - Second Read and Referred S Ways & Means Committee Journal Page: S366
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary


SB 608 - This act creates an earned income tax credit to be taken against Missouri income tax liability. The tax credit is nonrefundable. For taxable years beginning on or after January 1, 2008, the amount of the tax credit will be equal to five percent of the allowable federal earned income credit. Every two tax years, the amount of the credit is doubled such that for tax years beginning on or after January 1, 2012, the amount of the tax credit will equal twenty percent of the allowable federal earned income credit. The Department of Revenue is required to notify taxpayers which would qualify for the credit.

This act will automatically sunset six years after the effective date of the act unless reauthorized.

JASON ZAMKUS