AN ACT ESTABLISHING A CHILD PERSONAL INCOME TAX DEDUCTION.

HB 5418 would create a $2,000 annual deduction for personal income tax filers with each dependent child under 18. This directly affects taxpayers who claim children as dependents on their state income tax returns. The bill amends tax code section 12-701 to add this deduction, reducing taxable income by $2,000 per qualifying child. It does not change tax rates or provide direct cash payments, only lowering the taxable income amount for eligible filers. The policy change would take effect upon the bill's passage and implementation.