| SB 0575 | Authorizes state income tax credit equal to 20% of federal earned income credit |
| Sponsor: | Maxwell | |||
| 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: | ||
| Title: | ||||
| Effective Date: | August 28, 2000 | |||
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.
DAVID VALENTINE