Bill
LC 7
Overview: LC 7, Provide income based tax credit, (LC) Draft Delivered to Requester, Introduced: August 27, 2024Purpose and Intent: This bill aims to provide an income-based tax cre
Overview: LC 7, Provide income based tax credit, (LC) Draft Delivered to Requester, Introduced: August 27, 2024
Purpose and Intent: This bill aims to provide an income-based tax credit to eligible individuals and families, with the goal of reducing the tax burden on lower-income households and promoting financial stability.
Key Provisions:
- Establishes a refundable tax credit based on the taxpayer's adjusted gross income (AGI).
- The credit amount would phase out as AGI increases, providing the most significant benefits to those with the lowest incomes.
- The credit can be claimed on the state income tax return and would be available to both individual filers and joint filers.
- The bill includes provisions to ensure that the credit is properly administered and that eligible taxpayers are aware of its availability.
Affected Parties and Impacts:
- Low-income individuals and families would be the primary beneficiaries of the tax credit, potentially receiving a significant reduction in their state tax liability.
- The state's tax revenue would be impacted by the credits claimed, but the goal is to provide targeted relief to those most in need.
Procedural and Timeline Considerations:
- The bill is currently in the draft delivered to requester stage, indicating that it has been prepared for introduction and consideration by the legislature.
- If enacted, the tax credit would likely be implemented for the next tax year, providing immediate financial assistance to eligible taxpayers.
Compiled from official sources — confirm details with the bill’s official record.
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