Introduced Version






SENATE BILL No. 364

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-3.1-21-6.

Synopsis: Earned income credit. Increases the state earned income tax credit from 6% to 10% of the federal earned income tax credit.

Effective: January 1, 2008.





Howard




    January 16, 2007, read first time and referred to Committee on Tax and Fiscal Policy.







Introduced

First Regular Session 115th General Assembly (2007)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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SENATE BILL No. 364



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-3.1-21-6; (07)IN0364.1.1. -->     SECTION 1. IC 6-3.1-21-6 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2008]: Sec. 6. (a) An individual who is eligible for an earned income tax credit under Section 32 of the Internal Revenue Code is eligible for a credit under this chapter equal to six ten percent (6%) (10%) of the amount of the federal earned income tax credit that the individual:
        (1) is eligible to receive in the taxable year; and
        (2) claimed for the taxable year;
under Section 32 of the Internal Revenue Code.
    (b) If the credit amount exceeds the taxpayer's adjusted gross income tax liability for the taxable year, the excess, less any advance payments of the credit made by the taxpayer's employer under IC 6-3-4-8 that reduce the excess, shall be refunded to the taxpayer.
SOURCE: ; (07)IN0364.1.2. -->     SECTION 2. [EFFECTIVE JANUARY 1, 2008] IC 6-3.1-21-6, as amended by this act, applies only to taxable years beginning after December 31, 2007.