House Bill No. by Representative Riser proposes amendments to the earned income tax credit in Louisiana, specifically targeting the termination date of the higher credit amount. The bill amends R.S. 47:297.8(A)(2) to accelerate the termination of the current credit rate of 5% of the federal earned income tax credit from December 31, 2030, to December 31, 2024. Starting January 1, 2025, the state credit will be reduced to 3.5% of the taxpayer's federal earned income tax credit.

The bill also establishes that these changes will apply to taxable periods beginning on or after January 1, 2025. The effective date of the bill will be upon the governor's signature or, if not signed, upon the expiration of the time for bills to become law without signature. This legislative change aims to adjust the financial benefits provided to individuals through the earned income tax credit in a more immediate timeframe.

Statutes affected:
HB17 Original: 47:8(A)(2)