Bill > S05573

This bill provides for the advance payment of the earned income tax credit (EITC) to qualifying employees. The bill amends the existing tax law to increase the EITC percentage over time, starting at 35% in 2025 and reaching 40% in 2026 and thereafter. It also expands the EITC eligibility criteria to include individuals aged 19 and older, regardless of the requirement to have a qualifying child under the internal revenue code. Additionally, the bill establishes a process for the advance payment of the EITC, where the commissioner will determine an estimated annual tax credit and make four advance payments to eligible employees during the taxable year, with the final payment adjusted to match the actual credit due.