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• Introduced by Rep. Alma Smith (D) on November 19, 2008, to raise the income tax to 4.9 percent, and (among other things) use the money replace a number of existing state college scholarship programs with means-tested refundable tax credit program. “Refundable” means the state sends the tax filer a check for the difference between tax owed (if any) and the amount of the credit; this makes the credit equivalent in its effect to a regular college scholarship program. Eligibility would begin phasing out if a student’s family income is above $53,000, or $107,000 for joint filers.
  • Referred to the House Tax Policy Committee on November 19, 2008.