California AB398 proposes an Earned Income Tax Credit to reduce poverty among low-income working families.

California AB398 amends the Revenue and Taxation Code to establish an Earned Income Tax Credit for eligible individuals and families. The credit aims to lift families out of deep poverty by providing a refundable tax credit based on earned income. The Franchise Tax Board is tasked with administering the credit, including setting credit and phaseout percentages, and determining earned income and phaseout amounts. The bill also exempts the Franchise Tax Board from certain reporting requirements and mandates annual reporting on the credit's impact.

California AB398 proposes an Earned Income Tax Credit to reduce poverty among low-income working families.

California AB398 amends the Revenue and Taxation Code to establish an Earned Income Tax Credit for eligible individuals and families. The credit aims to lift families out of deep poverty by providing a refundable tax credit based on earned income. The Franchise Tax Board is tasked with administering the credit, including setting credit and phaseout percentages, and determining earned income and phaseout amounts. The bill also exempts the Franchise Tax Board from certain reporting requirements and mandates annual reporting on the credit's impact.