|SB 0057||Authorizes state income tax credit equal to a portion of the federal earned income credit|
|LR Number:||0220L.01I||Fiscal Note:||0220-01|
|Committee:||Ways and Means|
|Last Action:||03/06/01 - SCS Voted Do Pass S Ways & Means Comm. (0220L.03C)||Journal page:|
|Effective Date:||August 28, 2001|
SCS/SB 57 - This act phases in an earned income tax credit.
The credit is a percentage of the amount claimed on the federal
tax return. The percentage is 1.5 percent for 2002-3, 2.5
percent for 2004-5, 5 percent for 2006-7, 7.5 percent for 2008-9,
and 10 percent for 2010 and thereafter. Any amount in excess of
tax liability is refundable. The Department of Revenue is
required to notify potential claimants of their eligibility.