Bill > SB00322

This bill proposes to eliminate the Earned Income Tax Credit (EITC), a tax benefit designed to provide financial support to low to moderate-income working individuals and families. By repealing section 12-704e of the general statutes, the bill would remove the existing tax credit that helps offset payroll and income taxes for eligible workers. The EITC is typically structured to provide a refundable tax credit that increases with earned income up to a certain threshold and then phases out, serving as an important financial support mechanism for working-class households. If passed, this legislation would mean that qualifying workers would no longer receive this tax credit, potentially reducing their overall annual income and financial resources. The bill is straightforward in its purpose, seeking a complete elimination of the earned income tax credit without proposing any alternative support mechanisms.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00322&which_year=2025