Bill > S08670

This bill amends the tax law to provide for the advance payment of the earned income tax credit (EITC) to qualifying employees. The key provisions include: 1. Increasing the EITC phaseout amount from $11,610 to $24,960 for taxable years beginning in 2020 and thereafter, with adjustments for inflation. 2. Expanding eligibility for the EITC to individuals who have attained 19 years of age, rather than 25 years of age. 3. Allowing the EITC to be paid in advance through four payments during the taxable year, with the final payment adjusted to match the actual credit due. 4. Requiring the tax commissioner to notify taxpayers and provide information to tax preparers and organizations about the availability of the EITC advance payments. 5. Providing a mechanism for individuals to claim the advance payments in good faith without increasing their tax liability if they experience a change in circumstances. The bill aims to provide low-income workers with more timely access to the EITC, which can provide significant financial assistance, particularly for those living paycheck-to-paycheck.