ID H0410

Creates a Working Families Tax Credit equal to 8% of the federal earned income tax credit claimed on a resident individual's or part-year resident individual's federal income tax return.

Taxpayer must be eligible for a credit under section 32 of the Internal Revenue Code to receive the state credit.

If taxes due are less than the total credit allowed, the taxpayer receives a refund for the unused credit balance.

Credit cannot be carried forward to subsequent tax years and is forfeited if not claimed in the year the individual income tax return is filed.

Effective retroactively to January 1, 2016, with an emergency declaration allowing immediate implementation.