SCS/SB 687 - This act authorizes an earned income tax credit for individuals that qualify for a federal earned income tax credit. The tax credit will be in an amount equal to 20% of the federal tax credit. The tax credit in non-refundable. Taxpayers may be eligible for the tax credit beginning January 1, 2014. No tax credits will be authorized after 2020. The Department of Revenue is required to prepare a report on issuances of the tax credit. The Department shall also contract with a nonprofit group to provide notice of the tax credit to eligible taxpayers.
This act is similar to HB 1120 (2014).