Introduced by Representative Howard of Rutland City
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:
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.
The Vermont General Assembly
115 State Street