April 26, 2011(Key vote)
Title: Kicker Refunds
Vote Smart's Synopsis:
Vote to pass a bill that changes the method by which "kicker" refunds are awarded to personal income tax payers from a direct payment to a tax credit against the following year's tax liability, effective July 1, 2011.
-Authorizes the award of a kicker refund to an individual income tax payer as a tax credit against the following year's tax liability, whereas existing law required a direct payment (Sec. 1).
-Requires the Department of Revenue to provide information and guidance to taxpayers regarding the calculation of the credit (Sec. 1).
-Specifies that the Department of Revenue may use its own discretion to determine the manner in which the credit is calculated when the filing status of a tax payer is altered from one year to the next (Sec. 1).
-Specifies that the cost incurred by the Department of Revenue for administering the credits shall not exceed $250,000 (Sec. 3).
-Specifies that any amounts left in the Surplus Kicker Cost Account on July 1, 2011 shall be transferred to the General Fund (Sec. 6).
-This act is effective July 1, 2011 (Sec. 7).