CA SB1073

Increases California Earned Income Tax Credit (CalEITC) percentage from 40% to 45% for eligible individuals with 3 or more qualifying children for taxable years beginning on or after January 1, 2016.

Increases the phaseout percentage from 40% to 45% for individuals with 3 or more qualifying children, allowing the credit to phase out more gradually as income increases.

Authorizes refunds from the Tax Relief and Refund Account for CalEITC amounts exceeding individual tax liability, with the account continuously appropriated for this purpose.

Requires the Franchise Tax Board to annually report on CalEITC usage, including number of returns claiming the credit, average credit amounts, and estimates of families lifted out of deep poverty by the credit.

Applies amendments to taxable years beginning on or after January 1, 2016, and exempts the Franchise Tax Board from certain special project reporting requirements for 2015 implementation.