SB 1018 - Schmitt, Eric
Authorizes an earned income tax credit
Bill Details
Sponsor
LR Number
4595S.03I
Title
SB 1018
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2016
Committee
Current Status
Voted Do Pass S Ways and Means Committee
Quick Links
Amendments
No amendments available
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).
DOMENIC SITA