Bill > SB00112

This bill establishes a child and dependent tax credit of $500 for personal income tax purposes, which applies to three categories of dependents: (1) children under 17 years old, (2) disabled dependents or disabled spouses who live with the taxpayer for more than half the year, and (3) dependents who are 65 years or older and are not the taxpayer's spouse. The credit is subject to income-based phase-outs, meaning the amount of the credit reduces as the taxpayer's income increases. Specifically, the credit will be reduced by 10% for every $1,000 (or fraction thereof) of adjusted gross income that exceeds certain thresholds: $200,000 for unmarried individuals, married individuals filing separately, and heads of households, and $400,000 for married couples filing jointly. This tax credit is designed to provide financial relief to taxpayers with children or dependents, with the amount and eligibility varying based on the taxpayer's income level.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00112&which_year=2025