Sales tax fairness credit

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. 2. Credit for resident taxpayer. A resident individual is allowed a credit equal to the applicable base credit amount, subject to the phase-out provisions under subsection 4 . 3. Credit for part-year resident taxpayer. A taxpayer who files a return as a part-year resident in accordance with section 5224-A is allowed a credit equal to the applicable base credit amount, subject to the phase-out provisions under subsection 4 , multiplied by a ratio, the numerator of which is the individual's income as modified by section 5122 for that portion of the taxable year during which the individual was a resident plus the individual's income from sources within this State, as determined under section 5142 , for that portion of the taxable year during which the individual was a nonresident and the denominator of which is the individual's entire income, as modified by section 5122 . 4. Phase-out of credit. The credit allowed under this section is phased out as follows. 5. Refundability of credit. The tax credit allowed under this section is refundable. 6. Limitations. The following individuals do not qualify for the credit under this section: