Loading chat...

CA AB1974

Bill

Official Source

Status

Introduced

2/23/2012

Primary Sponsor

Michael Allen

Click for details

Origin

State Assembly

2011-2012 Session

AI Summary

  • Allows a state earned income tax credit equal to 15% of the federal earned income credit amount for taxable years beginning January 1, 2012 or later
  • Credit applies only to qualified taxpayers who are California residents eligible for the federal earned income credit under Internal Revenue Code Section 32
  • Excludes nonresidents and married individuals filing separate returns from claiming the credit
  • Makes the credit refundable when the Legislature appropriates funds, with excess credits paid from the Tax Relief and Refund Account on a first-received basis if funds are insufficient
  • Allows unused credits to be carried forward to reduce taxes in subsequent years until exhausted

Legislative Description

Income taxes: credit: earned income.

Last Action

In committee: Set, second hearing. Held under submission.

8/16/2012

Committee Referrals

Appropriations5/15/2012
Revenue and Taxation3/8/2012

Full Bill Text

No bill text available