Introduced
by
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 Committee on Tax Policy
