Introduced
by
To eliminate an increase in the earned income tax credit authorized in 2006, which under current statute will have gone from 10 percent to 20 percent of the federal EITC for the 2009 tax year. The EITC is a refundable credit (or “reverse income tax”) for low income workers. It is estimated last year that the increase will cause $293 million to be distributed to low income working families in Fiscal Year 2009-10 vs. and $132 million the previous year.
Referred to the Committee on Tax Policy
