SB 1018 Authorizes an earned income tax credit
Sponsor: Schmitt
LR Number: 4595S.03I Fiscal Notes
Committee: Ways and Means
Last Action: 4/14/2016 - Voted Do Pass S Ways and Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2016

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Current Bill Summary

SB 1018 - 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 will be non-refundable. Taxpayers may be eligible for the tax credit beginning January 1, 2016. No tax credits will be authorized after 2022. 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 SB 40 (2015), SB 687 (2014), HB 1120 (2014), HB 895 (2013), HB 1606 (2012), HB 581 (2011), and HB 1915 (2010).