| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | General Assembly Committee Bill No. 5237 | |
| 2 | 2 | January Session, 2017 LCO No. 6163 | |
| 3 | - | * | |
| 3 | + | *06163HB05237FIN* | |
| 4 | 4 | Referred to Committee on FINANCE, REVENUE AND BONDING | |
| 5 | 5 | Introduced by: | |
| 6 | 6 | (FIN) | |
| 7 | 7 | ||
| 8 | 8 | General Assembly | |
| 9 | 9 | ||
| 10 | 10 | Committee Bill No. 5237 | |
| 11 | 11 | ||
| 12 | 12 | January Session, 2017 | |
| 13 | 13 | ||
| 14 | 14 | LCO No. 6163 | |
| 15 | 15 | ||
| 16 | - | * | |
| 16 | + | *06163HB05237FIN* | |
| 17 | 17 | ||
| 18 | 18 | Referred to Committee on FINANCE, REVENUE AND BONDING | |
| 19 | 19 | ||
| 20 | 20 | Introduced by: | |
| 21 | 21 | ||
| 22 | 22 | (FIN) | |
| 23 | 23 | ||
| 24 | 24 | AN ACT REQUIRING A STUDY OF THE EARNED INCOME TAX CREDIT. | |
| 25 | 25 | ||
| 26 | 26 | Be it enacted by the Senate and House of Representatives in General Assembly convened: | |
| 27 | 27 | ||
| 28 | 28 | Section 1. (Effective October 1, 2017) The Commissioner of Revenue Services shall study the earned income amount requirements for earned income tax credit eligibility pursuant to Section 32 of the Internal Revenue Code, as defined in section 12-701 of the general statutes, incorporated by reference into section 12-704e of the general statutes, and the impact of such income requirements on premature termination of employment by recipients of such credit seeking to maintain eligibility for the credit. Not later than January 1, 2018, the commissioner shall report on such study, in accordance with the provisions of section 11-4a of the general statutes, to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding. Such report shall include recommendations for (1) a graduated schedule that will allow those receiving the credit to remain eligible for such credit upon small increases in pay, (2) monthly distribution of any refund, in lieu of the current lump sum annual refund provided for in subsection (b) of section 12-704e of the general statutes, of a personal income tax overpayment resulting from the application of the earned income tax credit, and (3) a schedule for such monthly distribution where such refund decreases as pay increases in a manner that does not reduce the employee's monthly income. | |
| 29 | 29 | ||
| 30 | 30 | ||
| 31 | 31 | ||
| 32 | 32 | ||
| 33 | 33 | This act shall take effect as follows and shall amend the following sections: | |
| 34 | 34 | Section 1 October 1, 2017 New section | |
| 35 | 35 | ||
| 36 | 36 | This act shall take effect as follows and shall amend the following sections: | |
| 37 | 37 | ||
| 38 | 38 | Section 1 | |
| 39 | 39 | ||
| 40 | 40 | October 1, 2017 | |
| 41 | 41 | ||
| 42 | 42 | New section | |
| 43 | 43 | ||
| 44 | + | Statement of Purpose: | |
| 45 | + | ||
| 46 | + | To require the Commissioner of Revenue Services to study the income requirements applicable to the earned income tax credit and monthly distribution of a personal income tax refund resulting from the application of said credit. | |
| 47 | + | ||
| 48 | + | [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.] | |
| 44 | 49 | ||
| 45 | 50 | ||
| 46 | - | FIN Joint Favorable | |
| 47 | 51 | ||
| 48 | - | ||
| 52 | + | Co-Sponsors: REP. RUTIGLIANO, 123rd Dist.; REP. DAVIS C., 57th Dist. | |
| 49 | 53 | ||
| 50 | - | Joint Favorable | |
| 54 | + | Co-Sponsors: | |
| 55 | + | ||
| 56 | + | REP. RUTIGLIANO, 123rd Dist.; REP. DAVIS C., 57th Dist. | |
| 57 | + | ||
| 58 | + | H.B. 5237 |