(Doc Name COUNCIL\BBM\5001C015.BBM.DG16.DOCX):
EXPLANATION: 3.5% EITC. Funds to come from the $130 million set aside in the FY 16-17 appropriations bill
Amend the bill, as and if amended, Part IB, Section 118, STATEWIDE REVENUE, page 506, after line 32, by adding an appropriately numbered paragraph to read:
/ 118.___. (SR: Earned Income Tax Credit) For the income tax year that ends in the current fiscal year, there is allowed as a credit against the tax imposed pursuant to Section 12-6-510 on a full-year resident individual taxpayer an amount equal to three and one-half percent of the earned income tax credit (EITC) allowed the taxpayer pursuant to Internal Revenue Code Section 32. If the amount of the credit allowed by this section exceeds the tax imposed on the taxpayer pursuant to Section 12-6-510, the excess must be refunded to the taxpayer. /
Renumber sections to conform.
Amend totals and titles to conform.