Summary of the Introduced Bill

HB 604 -- Earned Income Tax Credit

Sponsor:  Oxford

Beginning January 1, 2008, this bill authorizes an individual
income tax credit equal to a percentage of any earned income tax
credit claimed by the taxpayer on his or her federal income tax
return.  The percentage of the federal credit allowed will be 5%
for tax years 2008 and 2009, 10% for tax years 2010 and 2011, and
20% for tax years 2012 and thereafter.  Any credit which exceeds
the taxpayer's liability in any tax year will be refunded to the
taxpayer or carried forward into future tax years.  The
Department of Revenue is required to notify potentially eligible
taxpayers that they may be able to receive the tax credit.

The provisions of the bill will expire six years from the
effective date.

Copyright (c) Missouri House of Representatives

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:19 am