SSB 3116 – Earned Income Tax Credit
COMMITTEE ACTION:
SSB 3116 increases the amount of the Earned Income Tax Credit (EITC). Currently, the credit is 7 percent of the federal Earned Income Tax Credit. The bill increases the amount to 13 percent of the federal credit and the Iowa EITC remains a refundable credit. The credit helps working families by giving them money back that they can use for housing, gas, childcare, groceries and other necessities. Research shows that EITC is one of the best anti-poverty programs in the nation. [2/8: short form]