HB25-1335
Tax Credit Availability
Concerning the determination of the extent of the availability of income tax credits that are contingent upon the compound annual growth rate.
Session:
2025 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
The availability of both the family affordability tax credit and the earned income tax credit has been determined by the compound annual growth rate between actual state revenue in state fiscal year 2024-25 and projected state revenue for the fiscal year that begins during the relevant state income tax year. Under the act, the availability of both tax credits is determined by the compound annual growth rate between state revenue for state fiscal year 2024-25, as projected in the March 2024 office of state planning and budgeting revenue forecast, and projected state revenue for the fiscal year that begins during the relevant state income tax year.
(Note: This summary applies to this bill as enacted.)