2014 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: McEachin
Refundable Earned Income Tax Credit (language only)

Item 0 #1s

Item 0 #1s


Page 1, line 23, strike "$17,686,135,741 and $18,373,389,157 and $36,059,524,898 and insert $17,546,135,741, $18,233,389,157 and $35,779,524,898
Page 1, line 27, strike "18,854,668,427, $18,908,321,163 and $37,762,989,590 and insert $18,714,668,427, $18,768,321,163 and $37,482,989,590
Page 1, line 40, strike $51,845,287,080, $47,480,608,416 and $99,325,895,496 and insert $51,705,287,081, $47,340,608,416 and $99,045,895,497.

(This is a companion amendment to Item 4-14.00 #3s that makes the Earned Income Tax Credit a refundable credit. A precise estimate of the revenue reduction will need to be provided by the Tax Department. The latest estimate prepared by the Tax Department for a refundable EITC related to the 2006 taxable year. If that figure was advanced by the overall growth rate of the EITC, the revenue loss from a refundable credit would be roughly $140.0 million per year).