(1) The Personal Income Tax Law, beginning on or after January 1, 2015, in modified conformity with federal income tax laws, allows an earned income tax credit against personal income tax and a payment from the Tax Relief and Refund Account for an allowable credit in excess of tax liability to an eligible individual that is equal to that portion of the earned income tax credit allowed by federal law as determined by the earned income tax credit adjustment factor, as specified. The law provides that the amount of the credit is calculated as a percentage of the eligible individual's earned income and is phased out above a specified amount as income increases and provides alternative calculation factors under specified circumstances. An "eligible individual" is defined to include specified individuals, and provides that, if a person does not have a qualifying child, he or she must be between 25 and 65 years of age at the end of the taxable year. The law requires, for taxable years beginning on or after January 1, 2016, specified earned income amounts, phaseout amounts, and the amount of disqualified income that would disallow this credit to be recomputed annually in the same manner as the recomputation of income tax brackets, as prescribed.
(1) The Personal Income Tax Law, beginning on or after January 1, 2015, in modified conformity with federal income tax laws, allows an earned income tax credit against personal income tax and a payment from the Tax Relief and Refund Account for an allowable credit in excess of tax liability to an eligible individual that is equal to that portion of the earned income tax credit allowed by federal law as determined by the earned income tax credit adjustment factor, as specified. The law provides that the amount of the credit is calculated as a percentage of the eligible individual's earned income and is phased out above a specified amount as income increases and provides alternative calculation factors under specified circumstances. An "eligible individual" is defined to include specified individuals, and provides that, if a person does not have a qualifying child, he or she must be between 25 and 65 years of age at the end of the taxable year. The law requires, for taxable years beginning on or after January 1, 2016, specified earned income amounts, phaseout amounts, and the amount of disqualified income that would disallow this credit to be recomputed annually in the same manner as the recomputation of income tax brackets, as prescribed.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
W/O REF. TO FILE SB855 B. & F.R. (Mitchell) Concurrence — 36–0 (pass) · upper
Sponsors
Committee on Budget and Fiscal Review — primary (person)
Timeline
The legislative action history — every referral, reading, and vote.
2018-01-10 Introduced. Read first time. To Com. on RLS. for assignment. To print. introduction, reading-1
2018-01-11 From printer. May be acted upon on or after February 10.
2018-01-16 Referred to Com. on B. & F.R. referral-committee
2018-04-30 Withdrawn from committee. (Ayes 25. Noes 11. Page 4865.)
2018-04-30 Ordered to second reading.
2018-05-01 Read second time. Ordered to third reading. reading-2, reading-1
2018-05-03 Read third time. Passed. (Ayes 24. Noes 11. Page 4923.) Ordered to the Assembly. reading-3, passage, reading-1
2018-05-03 In Assembly. Read first time. Held at Desk. reading-1
2018-05-07 Referred to Com. on BUDGET. referral-committee
2018-06-11 From committee with author's amendments. Read second time and amended. Re-referred to Com. on BUDGET. reading-2, referral-committee, amendment-passage, committee-passage, reading-1
2018-06-13 From committee with author's amendments. Read second time and amended. Re-referred to Com. on BUDGET. reading-2, referral-committee, amendment-passage, committee-passage, reading-1
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