Bill > A00477

This bill proposes several tax provisions aimed at supporting youth and young adults. Specifically, it would: 1. Provide an earned income tax credit for "youth workers" aged 17 to the minimum age for the federal earned income tax credit, as long as they are not claimed as dependents or parents of minor children. The bill requires the tax commissioner to report on the usage and impact of this credit. 2. Increase the standard deduction for individuals aged 18 to 24, from $7,500 to $10,000, for tax years beginning after 2023. 3. Allow resident individuals to deduct student loan interest, as provided in the Internal Revenue Code, for tax years beginning on or after January 1, 2024. The bill is set to take effect immediately and apply to tax years beginning on or after January 1, 2026, expiring on December 31, 2031.