2012 House Bill 5769

Increase EITC; authorize savings account grants

Introduced in the House

July 18, 2012

Introduced by Rep. Jim Ananich (D-49)

To increase the state earned income tax credit from an amount equal to 6 percent of the federal EITC, to 20 percent. This is a “refundable” credit for low income workers (meaning that a check is sent to the taxpayer for the balance of the credit exceeding taxes owed). Also, to give up to $150 in matching grants to an EITC recipient who places at least $50 in a “qualified savings account,” the nature of which would be determined by the Department of Treasury.

Referred to the Committee on Tax Policy