General Assembly Proposed Bill No. 5237
January Session, 2017 LCO No. 514
*00514*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. RUTIGLIANO, 123rd Dist. REP. DAVIS C., 57th Dist.
General Assembly
Proposed Bill No. 5237
January Session, 2017
LCO No. 514
*00514*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. RUTIGLIANO, 123rd Dist.
REP. DAVIS C., 57th Dist.
AN ACT REQUIRING A STUDY OF THE EARNED INCOME TAX CREDIT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the Commissioner of Revenue Services shall (1) conduct a study of the earned income amount requirements for earned income tax credit eligibility and the impact of such income requirements on premature termination of employment by recipients of the tax credit seeking to maintain eligibility for the tax credit, and (2) report on the findings of such study, including recommendations for (A) a graduated schedule that will allow such recipients to remain eligible for such tax credit upon small increases in pay, (B) monthly distribution of a personal income tax overpayment refund resulting from application of such tax credit, and (C) a schedule for such monthly distribution where such refund decreases as a recipient's pay increases, in a manner that does not reduce the recipient's monthly income.
Statement of Purpose:
To require the Commissioner of Revenue Services to study the earned income amount requirements for earned income tax credit eligibility and make recommendations (1) to allow recipients of such tax credit to maintain eligibility upon small increases in pay, and (2) for monthly distribution of any personal income tax overpayment refunds to such recipients.