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
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Current Bill Summary

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.