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HCS/SB 463 - This act modifies provisions relating to taxation. EARNED INCOME TAX CREDIT (135.760) This act authorizes an earned income tax credit for individuals that qualify for a federal earned income tax credit. The tax credit will be in an amount equal to 20% of the federal tax credit. The tax credit will be nonrefundable. Taxpayers may be eligible for the tax credit beginning January 1, 2015. No tax credits will be authorized after 2021. The Department of Revenue is required to prepare a report on issuances of the tax credit. The Department shall also contract with a nonprofit group to provide notice of the tax credit to eligible taxpayers. This provision is substantially similar to SCS/SB 40 (2015), HB 394 (2015), HB 1296 (2015), SB 687 (2014), HB 1120 (2014), HB 895 (2013), HB 1606 (2012), HB 581 (2011), and HB 1915 (2010). BENEVOLENT TAX CREDITS (135.1150 & 135.1180) Currently, the Residential Treatment Agency Tax Credit is set to expire on December 31, 2015, and the Developmental Disability Care Provider Tax Credit is set to expire on December 31, 2016. This act extends both programs indefinitely. These provisions are similar to HB 996 (2015). These provisions are similar to provisions in HCS/SS/SCS/SB 174 (2015). MIKE HAMMANN
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