SB515:

Income tax, state; refundable tax credit for low-income taxpayers.

Bill Summary:

Refundable income tax credit for low-income
taxpayers. Allows low-income individuals and married persons
to claim either (i) a nonrefundable income tax credit equal to $300
for each individual, his spouse, and any dependents or (ii) a refundable
income tax credit equal to 20 percent of the federal earned income
tax credit claimed that year by the individual or married persons
for the same taxable year. Under current law, low-income individuals
and married persons may elect either of these amounts; however, both
options for claiming the credit are nonrefundable. The provisions
of the bill apply to taxable years beginning on and after January
1, 2023.