SUMMARY:  LC 49 0502S

This bill addresses some of the recommendations made in the state audit of January 2021. 

It also increased the amount of the income tax credit allowable:

• An individual could get a credit up to $2500 (currently $1000)
• A married couple filing jointly could get a credit up to $5000 (currently $2500)'
• Individuals who are members of a limited liability company, a shareholder of a Subchapter 'S' corporation, or a partner in a partnership could receive a tax credit up to $25,000 (currently $10,000) 

EFFECTIVE DATE:

The increase in allowed tax credits would be effective January 1, 2022; the rest of the bill would be effective July 1, 2021