April 5, 2013
Boost to earned income tax credit clears Senate
A bill to double the state's tax credit for low-income workers cleared the Senate in a party-line vote Thursday, the Portland Press Herald reported.
The bill, which passed 19-16 with Independent Sen. Richard Woodbury of Yarmouth joining Republican opposition, would boost the state's earned income tax credit from 5% to 10% of the federal standard.
The proposal now heads to the Legislature's appropriations committee for review. It is expected to cost the state nearly $68 million in foregone revenue through 2017 and would require hiring two new tax examiners, the paper reported.
The bill, which could be vetoed by Gov. Paul LePage, is not expected to move to the governor's desk until June, as it will undergo further committee review.
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