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S.F. No. 2484 - Increased Working Family Credit (as Proposed to be Amended by the A-1 Amendment)
 
Author: Senator Kari Dziedzic
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 16, 2014



 

This bill increases the working family credit by increasing the percentage of income used to calculate the credit for all taxpayers and removing the two-tier calculation under current law for taxpayers with children. For each category of taxpayers (no qualifying children; one qualifying child; or two or more qualifying children), the credit equals a percentage of a first dollar amount of income provided under the bill. The credit would then be reduced by a percentage amount for income in excess of stated amounts. The credit amount, income thresholds, and percentage by which the credit is reduced are all increased under this bill. Income amounts are indexed for inflation beginning in tax year 2015. For married taxpayers filing jointly, the phase-out threshold is increased by $5,000, which is indexed for inflation from 2009. The indexed amount for tax 2014 is $5,430. 

Effective beginning in tax year 2014.

 
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