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Volume 1
- Budget Message
- Issues in Brief
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- Local Aid to Cities and Towns
- Capital Budget and Debt
Volume 2
- Budget Development
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- Operating Transfers
- Local Aid - Section 3
- Outside Sections
- Tax Expenditure Budget
- Appendix A
- Glossary
1.605 -Earned Income Credit
Item | Description | FY2011 | FY2012 | FY2013 |
---|---|---|---|---|
1.605 | Earned Income Credit
Effective January 1, 1997, taxpayers were allowed a refundable credit against Massachusetts tax equal to 10% of the amount of the earned income credit claimed on their federal individual income tax returns. Effective January 1, 2001, the allowed percentage was increased to 15%. Note that, since the state credit amount is based on the federal, and changes, temporary or permanent, to the calculation of the federal credit will be automatically reflected in credit claims made against state tax. Origin: M.G.L. c. 62, S. 6(h) Estimate: $132.3 |
116.8 | 124.3 | 132.3 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
U.S.C | United States Code |
M.G.L. | Massachusetts General Laws |
Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
ESTIMATES | All estimates are in $ millions. |
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