Bill Summary: SB 821

• Establish a child tax credit at a percentage of the allowable federal child tax credit and increase the property tax credit to $400

• Increase the earned income tax credit to 50% and expand eligibility to taxpayers who filed with an individual taxpayer identification number instead of a Social Security number

• Establish new taxes: 10% tax on digital advertising revenues for businesses with over $10 billion in annual worldwide gross revenues and 2% tax on owner-occupied residential property value exceeding $1.35 million

• Increase corporate tax rate under section 12-214 to 11.5% for companies with $100 million or more in gross annual revenues, increase the surcharge to 20%, and establish a 5% surcharge on net capital gains, dividends, and interest income

• Adjust marginal income tax rates for unmarried individuals earning over $500,000 and married couples filing jointly earning over $1 million, and require the Labor Commissioner to make a one-time $500 payment to individuals who received unemployment benefits between March 15, 2020, and December 31, 2020, due to COVID-19 hardship