HI HB729

Establishes a refundable state earned income tax credit equal to a percentage of the federal earned income tax credit allowed under Internal Revenue Code Section 32, applicable to resident individual taxpayers filing returns who are not claimed as dependents.

Requires the department of human services to offer financial education to applicants for and recipients of Temporary Assistance for Needy families, covering consumer, economic, and personal finance concepts including budgeting, savings, and investing.

Appropriates unspecified sums for fiscal years 2011-2012 and 2012-2013 for the department of human services to provide financial education and support individual development account programs through fiduciary organizations.

Amends the individual development account program to increase the allowable use of state funds for operating costs from 10 percent to 25 percent and clarifies department of human services authority to provide technical assistance to fiduciary organizations.

Effective January 1, 2012, with the earned income tax credit retroactively applying to taxable years beginning after December 31, 2010.