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Department presents tax-credit report; refundable and confidential credits highlighted
Summary
Department staff outlined a multi-page tax-credit report, explained color-coding for refundable, C-corporation-only and not-yet-available credits, discussed data lags, and highlighted large credits including the earned income tax credit, the high-performance incentive program and the credit for taxes paid to other states.
Eddie, presenting a tax-credits report to the committee, walked members through the report’s color coding, availability and confidentiality rules and flagged several large credits and administrative issues. He told the committee the report uses color codes to indicate refundable credits, credits available only to C corporations, and credits that were not in effect during the tabulated years. He explained that “if the value of the credit to the taxpayer exceeds that amount of the taxpayer's tax liability… the state actually pays the balance of that amount to the taxpayer.”
Eddie described why tax-credit data lag can be substantial: taxpayers often file amended…
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