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Repeal & Reenact Earned Income Tax Credit Increase

Concerning the repeal and reenactment of the law enacted by House Bill 23B-1002 that increased the earned income tax credit for 2023, and, in connection therewith, making an appropriation.
2024 Regular Session
Fiscal Policy & Taxes
Bill Summary

The act repeals and reenacts law originally enacted by House Bill 23B-1002, concerning an increase in the earned income tax credit for income tax year 2023, and, in connection therewith, making an appropriation, to increase the amount of the earned income tax credit that a resident individual may claim on the resident individual's state income tax return for 2023 only from 25% to 50% of the federal credit claimed on the resident individual's federal income tax return. The increase in the amount of the credit is a one-time mechanism for refunding excess state revenues for the 2022-23 state fiscal year that are required to be refunded in the 2023-24 state fiscal year.

For the 2023-24 state fiscal year, the act appropriates $51,483 from the general fund to the department of revenue and reappropriates $516 of that amount to the department of personnel for implementation of the act.

APPROVED by Governor January 31, 2024

EFFECTIVE January 31, 2024
(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    01/31/2024 Signed Act PDF
    01/26/2024 Final Act PDF
    01/24/2024 Rerevised PDF
    01/23/2024 Revised PDF
    01/17/2024 Reengrossed PDF
    01/12/2024 Engrossed PDF
    01/10/2024 Introduced PDF

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details