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.
January 16, 2007, read first time and referred to Committee on Tax and Fiscal Policy.
Introduced
First Regular Session 115th General Assembly (2007)
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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.