| SB 0320 | Creates a phased-in earned income tax credit |
| Sponsor: | Stoll | |||
| LR Number: | 1123S.01I | Fiscal Note: | 1123-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 02/25/03 - Hearing Conducted S Ways and Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2003 | |||
SB 320 - This act allows a state individual income tax credit equal to a percentage of any earned income tax credit claimed by the taxpayer on the federal income tax return. The percentage of the federal credit allowed will be 10% for tax year 2003, 15% for tax year 2004, and 20% for tax year 2005 and thereafter. Any amount of credit which exceeds the taxpayer's liability in any tax year will be refunded to the taxpayer or carried forward into future tax years.
This act is similar to HB 1407 (2002).
JEFF CRAVER