Income taxes: rates: credit: earned income.

(1) The Personal Income Tax Law, which is administered by the Franchise Tax Board, imposes taxes upon the taxable income of individual taxpayers, at specified rates, based on the amount of the taxpayer's taxable income. This bill, for taxable years beginning on or after January 1, 2012, would impose an additional tax at the rate of 0.7% on the taxpayer's taxable income that exceeds $1,000,000. This bill would require all revenues received by the Franchise Tax Board from those taxes be deposited in the Earned Income Tax Credit Fund, a continuously appropriated fund established by this bill, for the purposes of providing taxpayer refunds for the earned income tax credit, as provided. (2) The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including certain credits that are allowed in modified conformity to credits allowed by federal income tax laws. This bill would, for taxable years beginning on or after January 1, 2012, allow a credit computed by multiplying the federal credit amount, as defined, by 15% and subtracting therefrom the alternative minimum tax, as specified. This bill would provide that the credit would be refundable and would make an appropriation therefor.