Earned Income Tax Credit Amendment Act of 2001
Bill 14-21

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A BILL IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

To amend Title 47 of the District of Columbia Code to increase the earned income tax credit.

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Earned Income Tax Credit Amendment Act of 2001 ".

Sec. 2. Section 47-1806.4 of the District of Columbia Code is amended as follows:

"(f)(1) If a return is filed for a full calendar or fiscal year beginning after December 31, 2000, an individual who is allowed an earned income tax credit under section 32 of the Internal Revenue Code of 1986 shall be allowed a credit against the tax imposed by this chapter for the taxable year in an amount equal to 25% of the earned income tax credit allowed under section 32 of the Internal Revenue Code of 1986.

"(2) If a return is filed for a period of less than a full calendar or fiscal year beginning after December 31, 2000, the credit allowed under this subsection shall be reduced to the amount that bears the same ratio to the credit computed under the provisions of paragraph (1) of this subsection as the number of months in the period for which the return is made bears to 12 months.

"(3) The credit allowed under this subsection shall be refundable.".

Sec. 3. The tax relief provided by this act shall be subject to the revenue impact being accounted for in the Fiscal Year 2002 Budget and Financial Plan.

Sec. 4. The Council adopts the fiscal impact statement in the Committee Report as the fiscal impact statement required by section 602(c)(3) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Code § 1-233(c)(3)).

Sec. 5. This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), approval by the Financial Responsibility and Management Assistance Authority as provided in section 203(x) of the District of Columbia Financial Responsibility and Management Assistance Act of 1995, approved April 17, 1995 (109 Stat. 116; D.C. Code § 47-392.3(a)), a 30-day period of Congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Code § 1-233(c)(1)), and publication in the District of Columbia Register.