Bill description: HB 352 increases the grocery tax credit from $120 to $135 per person for persons age 65 and older and from $100 to $135 per person for all others.
Rating: 0 Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments?
HB 352 increases the refundable grocery tax credit from $120 to $135 per person for individuals age 65 and older and from $100 to $135 per person for everyone else. This credit reduces the state income taxes owed.
Does it increase government redistribution of wealth? Examples include the use of tax policy or other incentives to reward specific interest groups, businesses, politicians, or government employees with special favors or perks; transfer payments; and hiring additional government employees. Conversely, does it decrease government redistribution of wealth?
Because the grocery tax credit increased by HB 352 is a refundable tax credit, an individual's tax liability may be reduced below zero. This person would pay no income taxes but instead receive a check from the state, which must be subsidized by the state income taxes paid by others.
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