SB 0161 Authorizes state income tax credit equal to 20% of federal earned income credit
LR Number:S0647.01I Fiscal Note:0647-01
Committee:Ways and Means
Last Action:02/16/99 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:August 28, 1999
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Current Bill Summary

SB 161 - This act authorizes, for all taxable years beginning on or after January 1, 1999, a state income tax credit equal to twenty percent of the amount which a taxpayer claims as a federal earned income tax credit. The credit is refundable to the extent that the credit exceeds the amount of tax due. The Department of Revenue is required to notify potential claimants of their eligibility.