PolicyEngine / PolicyEngine/policyengine-us

Increase MO Working Families Tax Credit depending on general revenue

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states/mo
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Description

We can make general revenue a policy parameter. Per https://revisor.mo.gov/main/OneSection.aspx?section=143.177&bid=49978&hl= (emphasis mine):

> (2) Subject to the provisions of subdivision (3) of this subsection, the percentage of the federal earned income tax credit to be allowed as a tax credit pursuant to subdivision (1) of this subsection shall be ten percent, which m**ay be increased to twenty percent subject to the provisions of subdivision (3) of this subsection.** The maximum percentage that may be claimed as a tax credit pursuant to this section shall be twenty percent of the federal earned income tax credit that may be claimed by such taxpayer. Any increase in the percentage that may be claimed as a tax credit shall take effect on January first of a calendar year and such percentage shall continue in effect until the next percentage increase occurs. An increase shall only apply to tax years that begin on or after the increase takes effect.
>
>   **(3) The initial percentage to be claimed as a tax credit and any increase in the percentage that may be claimed pursuant to subdivision (2) of this subsection shall only occur if the amount of net general revenue collected in the previous fiscal year exceeds the highest amount of net general revenue collected in any of the three fiscal years prior to such fiscal year by at least one hundred fifty million dollars.**

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