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Legislative Year: 2023 Change
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Bill Detail: HB23-1112

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Title Earned Income And Child Tax Credits
Status Introduced In House - Assigned to Finance (01/23/2023)
Bill Subjects
  • Fiscal Policy & Taxes
  • State Revenue & Budget
House Sponsors S. Bird (D)
Senate Sponsors C. Hansen (D)
C. Kolker (D)
House Committee Finance
Senate Committee
Date Introduced 01/23/2023
Summary

Legislative Oversight Committee Concerning Tax Policy. For
income tax years commencing on or after January 1, 2024, the bill
increases the earned income tax credit that a resident individual can claim
on their state income tax return to 40% of the federal credit claimed on
the resident individual's federal income tax return. For income tax years
commencing on or after January 1, 2024, the bill changes the definition
of eligible child to match the age of eligibility for the federal credit,
increases percentages of the federal credit that a resident individual can
claim for the child tax credit on their state income tax return by 20%,
10%, or 5% depending on the resident individual's income level, and
requires the department of revenue to adjust for inflation the income
levels set forth to determine eligibility for the credit.

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with Amendments
None
Full Text
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