Bill > A05024

This bill amends the tax law to provide for the installment payment of the Earned Income Tax Credit (EITC) and Enhanced EITC. Specifically, it requires the credit to be paid as follows: (i) for amounts equal to or less than $200, the payment or refund shall be made in a lump sum; (ii) for amounts between $200 and $2,400, the payment or refund shall be $200 per month for the number of months equal to the total amount divided by $200, with the remaining balance paid in the first month thereafter; and (iii) for amounts equal to or greater than $2,400, the payment or refund shall be paid in equal monthly payments equal to the total amount divided by 12. The bill also authorizes the Commissioner of Taxation and Finance to make any necessary rules and regulations for the implementation of the act.