Bill > H62

This bill modifies tax laws to support working families by adjusting the percentage of the federal tax credit that taxpayers can claim, with the percentage increasing over time for taxable years beginning on or after January 1, 2016, and also allows the Commissioner of Revenue to require electronic filing of these credits through a designated system or by a third-party preparer. Additionally, the bill repeals certain tax credits and exemptions, specifically those related to motion picture production companies and aggregate payroll or production expenses, with these changes taking effect at different times, some as early as January 1, 2016, and others on July 1, 2017. A significant provision establishes a temporary tax amnesty program for fiscal year 2016, allowing taxpayers to resolve past tax liabilities by filing proper returns and paying the full tax and interest due, with penalties waived, provided the tax liability is for periods before January 1, 2014, and the taxpayer is not involved in criminal investigations or fraud, and this program will prevent participants from using future amnesty programs for 10 years.