AN ACT CONCERNING A STATE EARNED INCOME TAX CREDIT.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective from passage and applicable to taxable years commencing on or after January 1, 2008) Any person who qualifies for and claims the earned income credit allowable under Section 32 of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, for any taxable year shall be entitled to a credit in determining the amount of tax liability under chapter 229 of the general statutes for such taxable year. The credit allowed under this section shall equal twenty per cent of the credit allowed under Section 32 of said Internal Revenue Code for the taxable year. If the amount of the credit allowed under this section exceeds the taxpayer's liability, the Commissioner of Revenue Services shall treat such excess as an overpayment and shall pay the taxpayer the amount of such excess, without interest.