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AR SB119
Bill
Status
Failed
5/1/2017
Primary Sponsor
Jake Files
Click for details
AI Summary
- Establishes the "Working Families Opportunity Credit" as an income tax credit equal to 5% of the federal Earned Income Tax Credit (EITC) allowed under 26 U.S.C. § 32 as it existed on January 1, 2017
- Makes the credit refundable, allowing taxpayers to receive a refund if the credit exceeds their income tax liability
- Requires the Department of Finance and Administration to annually notify taxpayers of their potential eligibility for the credit
- Effective for tax years beginning on or after January 1, 2017
Legislative Description
To Create The Working Families Opportunity Act.
Last Action
Sine Die adjournment
5/1/2017
Committee Referrals
Revenue & Taxation1/12/2017
Full Bill Text
No bill text available