Introduced
by
To eliminate an increase in the <a href="http://www.michiganvotes.org/2006-SB-453">earned income tax credit</a> authorized in 2006, which under current statute will have gone from 10 percent to 20 percent of the federal EITC for the 2009 tax year. The EITC is a refundable credit (or “reverse income tax”) for low income workers. It is estimated last year that the increase will cause $293 million to be distributed to low income working families in Fiscal Year 2009-10 vs. and $132 million the previous year.
Referred to the Committee on Tax Policy
