Bill > SB357

This bill establishes a refundable state child tax credit payable on a monthly basis. Qualifying individual taxpayers with an adjusted gross income of $60,000 or less can claim a $1,000 credit per year for each child dependent aged 5 or less, and a $500 credit for each child dependent aged 6 to 17. The credit is distributed equally over 12 months, and any excess credit over the taxpayer's net income tax liability will be refunded. The bill also outlines the procedures for claiming the credit, including a requirement to file claims within 12 months of the close of the taxable year, and provisions to prevent fraud. The bill applies to taxable years beginning after December 31, 2023.