SB 1020 Allows a taxpayer to claim a portion of the federal earned income tax credit against their state tax liability
Sponsor:Stoll Co-Sponsor(s)
LR Number:3931L.01I Fiscal Note:3931-01
Committee:Ways and Means
Last Action:01/31/02 - Second Read and Referred S Ways & Means Committee Journal page:S193
Title:
Effective Date:August 28, 2002
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Current Bill Summary

SB 1020 - This act allows taxpayers who have been allowed a federal earned income tax credit to claim a portion of that credit against their state income tax due. The allowable state credit is graduated, with an initial credit allowed set at ten percent of the federal credit allowed in the tax year beginning January 1, 2003. The maximum allowed credit increases by five percent of the federal credit per year to a maximum of twenty percent in the tax year beginning January 1, 2005. If the credit exceeds the amount due, the credit may be carried forward indefinitely or claimed as a refund.
JEFF CRAVER