HB 1719 Summary

• Creates a new tax credit for low-income taxpayers that eliminates state income tax liability for those with federal adjusted gross income below federal poverty guidelines.

• Provides a 50% reduction in state income tax liability for taxpayers with federal adjusted gross income between 100-125% of federal poverty guidelines.

• Renders taxpayers ineligible for the credit if their federal adjusted gross income exceeds 125% of federal poverty guidelines.

• Requires tax credit claims to be filed within twelve months following the close of the taxable year, with failure to comply constituting a waiver of the credit.

• Takes effect July 1, 2030 and applies to taxable years beginning after December 31, 2013.