Introduced
by
To postpone implementation of the <a href="http://www.michiganvotes.org/2006-SB-453">earned income tax credit</a> authorized in 2006, which is suppose to begin in 2008. The EITC is a refundable credit (or “reverse income tax”) for low income workers. The bill would postpone implementation until such time as the state ends a fiscal year with $250 million in the rainy day fund. It is estimated that the phased-in EITC will cause $132 million to be distributed to low income working families in Fiscal year 2008-09 and $293 million in FY 2009-10.
Referred to the Committee on Finance
