HB 1364 Summary

• Changes the food/excise tax credit from refundable to nonrefundable, meaning it can only offset tax liability rather than result in a refund to taxpayers with no tax liability.

• Removes the requirement that taxpayers file claims to receive the credit and authorizes the Department of Taxation to issue the credit to eligible taxpayers annually.

• Prevents the tax credit from being used to offset any tax liability under Title 14 (General Excise Tax).

• Requires that only individual taxpayers who file a state income tax return for the taxable year are eligible to claim the credit.

• Effective January 1, 2024, applying to taxable years beginning after December 31, 2023.