Bill > H6072

This bill establishes a new child tax credit for Rhode Island taxpayers with dependents under 18 years old. The credit provides $1,000 per qualifying dependent, with specific income eligibility requirements: single-filer households must have a total income under $100,000, and dual-filer households must have a total income under $150,000. If the tax credit amount exceeds the taxpayer's tax liability, the excess will be paid directly to the taxpayer as an overpayment. The bill's findings highlight the potential benefits of child tax credits, including reducing poverty, promoting work, enhancing child development, and reducing family stressors. The legislation is part of a broader trend, with fourteen states already having child tax credits and others considering similar proposals. By providing financial support to families with children, the bill aims to address economic challenges exacerbated by the pandemic and help support the health and well-being of children and families in Rhode Island.

Budget and Finance

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