Repeal & Reenact Earned Income Tax Credit Increase

The act repeals and reenacts law originally enacted by House Bill 23B-1002, concerning an increase in the earned income tax credit for income tax year 2023, and, in connection therewith, making an appropriation, to increase the amount of the earned income tax credit that a resident individual may claim on the resident individual's state income tax return for 2023 only from 25% to 50% of the federal credit claimed on the resident individual's federal income tax return. The increase in the amount of the credit is a one-time mechanism for refunding excess state revenues for the 2022-23 state fiscal year that are required to be refunded in the 2023-24 state fiscal year.