Bill Text: CT HB05237 | 2017 | General Assembly | Comm Sub

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Bill Title: An Act Requiring A Study Of The Earned Income Tax Credit.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2017-05-09 - File Number 729 [HB05237 Detail]

Download: Connecticut-2017-HB05237-Comm_Sub.html

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General Assembly		Committee Bill No. 5237
January Session, 2017		LCO No. 6163
		*_____HB05237FIN___042817____*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)

AN ACT REQUIRING A STUDY OF THE EARNED INCOME TAX CREDIT.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (Effective October 1, 2017) The Commissioner of Revenue Services shall study the earned income amount requirements for earned income tax credit eligibility pursuant to Section 32 of the Internal Revenue Code, as defined in section 12-701 of the general statutes, incorporated by reference into section 12-704e of the general statutes, and the impact of such income requirements on premature termination of employment by recipients of such credit seeking to maintain eligibility for the credit. Not later than January 1, 2018, the commissioner shall report on such study, in accordance with the provisions of section 11-4a of the general statutes, to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding. Such report shall include recommendations for (1) a graduated schedule that will allow those receiving the credit to remain eligible for such credit upon small increases in pay, (2) monthly distribution of any refund, in lieu of the current lump sum annual refund provided for in subsection (b) of section 12-704e of the general statutes, of a personal income tax overpayment resulting from the application of the earned income tax credit, and (3) a schedule for such monthly distribution where such refund decreases as pay increases in a manner that does not reduce the employee's monthly income.

This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2017	New section

FIN

Joint Favorable