SB 0575 Authorizes state income tax credit equal to 20% of federal earned income credit
LR Number:2303S.02I Fiscal Note:2303-02
Committee:Ways and Means
Last Action:01/18/00 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:August 28, 2000
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Current Bill Summary

SB 575 - This act authorizes, for all taxable years beginning on or after January 1, 2001, a state income tax credit equal to twenty percent of the amount which a taxpayer claims as a federal earned income tax credit. The credit is refundable to the extent that the credit exceeds the amount of tax due or may be carried forward to a subsequent taxable year. The Department of Revenue is required to notify potential claimants of their eligibility.