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H.756

Introduced by   Representative Howard of Rutland City

Referred to Committee on

Date:

Subject:  Taxation; income tax; earned income tax credit

Statement of purpose:  This bill proposes to increase the Vermont earned income tax credit.

AN ACT RELATING TO INCREASING THE VERMONT EARNED INCOME TAX CREDIT

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 5828b(a) is amended to read:

(a)  A resident individual or part-year resident individual who is entitled to an earned income tax credit granted under the laws of the United States shall be entitled to a credit against the tax imposed for each year by section 5822 of this title.  The credit shall be 32 40 percent of the earned income tax credit granted to the individual under the laws of the United States, multiplied by the percentage which the individual’s earned income that is earned or received during the period of the individual’s residency in this state bears to the individual’s total earned income.


Sec. 2.  EFFECTIVE DATE

This act shall apply to taxable years beginning on or after January 1, 2006.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us