HB0013 - 104th General Assembly
| |||||||
| |||||||
| 1 | AMENDMENT TO HOUSE BILL 13 | ||||||
| 2 | AMENDMENT NO. ______. Amend House Bill 13 on page 2, by | ||||||
| 3 | replacing lines 8 through 16 with the following: | ||||||
| 4 | "(b) A credit under this Section shall not reduce a | ||||||
| 5 | taxpayer's liability to less than zero. If the taxpayer has a | ||||||
| 6 | federal adjusted gross income for the taxable year that does | ||||||
| 7 | not exceed $50,000, then the excess credit amount shall be | ||||||
| 8 | refunded to the taxpayer. The amount of the refund shall not be | ||||||
| 9 | included in the taxpayer's income or resources for the | ||||||
| 10 | purposes of determining the taxpayer's eligibility or benefit | ||||||
| 11 | level for any means-tested benefit program administered by a | ||||||
| 12 | governmental entity unless required by federal law. If the | ||||||
| 13 | taxpayer has a federal adjusted gross income for the taxable | ||||||
| 14 | year that is $50,000 or more, then the excess credit amount | ||||||
| 15 | shall be carried forward and applied to the tax liability for | ||||||
| 16 | the 5 taxable years following the excess credit year. The tax | ||||||
| 17 | credit shall be applied to the earliest year for which there is | ||||||
| 18 | a tax liability. If there are credits for more than one year | ||||||
| |||||||
| |||||||
| 1 | that are available to offset liability, the earlier credit | ||||||
| 2 | shall be applied first.". | ||||||
Full text is not available on small screen devices. Please utilize the PDF documents.