House Bill hb0551

    Florida House of Representatives - 2001                 HB 551

        By Representatives Gottlieb, Weissman, Slosberg, Meadows,
    Jennings, Greenstein, Holloway, Sobel, Bucher, Henriquez, Ryan
    and Cusack




  1                      A bill to be entitled

  2         An act relating to payments to Florida

  3         residents based on certain federal tax credits;

  4         providing for an annual payment to a Florida

  5         resident equal to a percentage of the federal

  6         earned income tax credit allowed to that

  7         person; providing duties of the Department of

  8         Revenue; providing for transfers from the

  9         federal Temporary Assistance to Needy Families

10         program to cover costs of such payments and

11         providing effect if such payments exceed such

12         transfers; providing an effective date.

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14  Be It Enacted by the Legislature of the State of Florida:

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16         Section 1.  Working families wage supplement.--

17         (1)  A Florida resident shall be allowed a payment from

18  the Department of Revenue equal to 20 percent of the earned

19  income tax credit allowed to that person under s. 32 of the

20  federal Internal Revenue Code for tax year 2001 and each year

21  thereafter. This payment shall be made in the calendar year

22  following the tax year for which the federal credit is

23  allowed.

24         (2)  The Department of Revenue shall establish

25  procedures to identify and distribute payments to eligible

26  recipients by rule adopted pursuant to ss. 120.536(1) and

27  120.54, Florida Statutes. Such procedures shall include

28  distributing payments to Florida residents identified by the

29  Internal Revenue Service as eligible recipients of the federal

30  earned income tax credit.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 2001                 HB 551

    592-127-01






  1         (3)  An amount up to, but not exceeding, the total

  2  amount of payments under this section shall be transferred

  3  from the federal Temporary Assistance to Needy Families

  4  program to the Department of Revenue to cover all or part of

  5  the cost of the payments. If the total amount of payments

  6  exceeds the amount transferred from the federal Temporary

  7  Assistance to Needy Families program, the excess shall be

  8  considered a rebate against sales taxes and other state taxes

  9  paid by recipients of the payments.

10         Section 2.  This act shall take effect July 1, 2001.

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13                          HOUSE SUMMARY

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      Provides for an annual payment to a Florida resident who
15    is eligible for the federal earned income tax credit in
      an amount equal to 20 percent of that credit. Provides
16    duties of the Department of Revenue. Provides for
      transfers from the federal Temporary Assistance to Needy
17    Families program to cover costs of such payments and
      provides effect if such payments exceed such transfers.
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CODING: Words stricken are deletions; words underlined are additions.