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| 2 | 2 | | |
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| 3 | 3 | | LCO No. 244 1 of 2 |
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| 4 | 4 | | |
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| 5 | 5 | | General Assembly Proposed Bill No. 5195 |
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| 6 | 6 | | January Session, 2019 |
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| 7 | 7 | | LCO No. 244 |
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| 8 | 8 | | |
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| 9 | 9 | | |
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| 10 | 10 | | Referred to Committee on FINANCE, REVENUE AND |
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| 11 | 11 | | BONDING |
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| 12 | 12 | | |
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| 13 | 13 | | |
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| 14 | 14 | | Introduced by: |
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| 15 | 15 | | REP. RUTIGLIANO, 123rd Dist. |
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| 16 | 16 | | |
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| 17 | 17 | | |
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| 18 | 18 | | |
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| 19 | 19 | | AN ACT REQUIRING A STUDY OF THE EARNED INCOME TAX |
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| 20 | 20 | | CREDIT. |
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| 21 | 21 | | Be it enacted by the Senate and House of Representatives in General |
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| 22 | 22 | | Assembly convened: |
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| 23 | 23 | | |
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| 24 | 24 | | That the Commissioner of Revenue Services shall (1) conduct a 1 |
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| 25 | 25 | | study of the earned income amount requirements for earned income 2 |
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| 26 | 26 | | tax credit eligibility and the impact of such income requirements on 3 |
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| 27 | 27 | | premature termination of employment by recipients of such credit who 4 |
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| 28 | 28 | | are seeking to maintain eligibility for such credit, and (2) report on the 5 |
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| 29 | 29 | | findings of such study, including recommendations for (A) a 6 |
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| 30 | 30 | | graduated schedule that will allow those receiving the earned income 7 |
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| 31 | 31 | | tax credit to remain eligible for such credit upon small increases in 8 |
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| 32 | 32 | | pay, (B) monthly distribution, in lieu of a lump sum payment, of a 9 |
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| 33 | 33 | | personal income tax overpayment refund resulting from the 10 |
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| 34 | 34 | | application of the earned income tax credit, and (C) a schedule for such 11 |
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| 35 | 35 | | monthly distribution where such refund decreases as pay increases in 12 |
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| 36 | 36 | | a manner that does not reduce the recipient's monthly income. 13 |
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| 37 | 37 | | Statement of Purpose: |
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| 38 | 38 | | To require the Commissioner of Revenue Services to study the income |
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| 39 | 39 | | requirements applicable to the earned income tax credit and the Proposed Bill No. 5195 |
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| 40 | 40 | | |
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| 41 | 41 | | |
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| 42 | 42 | | LCO No. 244 2 of 2 |
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| 43 | 43 | | |
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| 44 | 44 | | monthly distribution, in lieu of a lump sum payment, of a personal |
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| 45 | 45 | | income tax refund resulting from the application of the earned income |
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| 46 | 46 | | tax credit. |
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