Bill > SB00740

This bill establishes a refundable child tax credit for Connecticut taxpayers, allowing families to claim a tax credit of up to $150 per child in the 2025 tax year, with the amount increasing to $600 per child over the next three years. The credit applies to up to three children and is subject to a phase-out mechanism based on the taxpayer's federal adjusted gross income (AGI). Specifically, the credit will be reduced by 5% for every $1,000 (or fraction thereof) that the taxpayer's AGI exceeds certain thresholds: $100,000 for unmarried or married individuals filing separately, $160,000 for heads of household, and $200,000 for married couples filing jointly. As a refundable credit, this means that even if the credit amount exceeds the taxpayer's total tax liability, the excess will be paid out to the taxpayer, providing direct financial support to families with children.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00740&which_year=2025