AN ACT ESTABLISHING A CHILD AND DEPENDENT TAX CREDIT AGAINST THE PERSONAL INCOME TAX.

SB 112 establishes a $500 tax credit per qualifying child or dependent against Connecticut's personal income tax. It directly affects taxpayers with children under 17, disabled dependents or spouses, or dependents aged 65+ who live with them for over half the year. The credit phases out by 10% for every $1,000 (or fraction) of adjusted gross income over $200,000 for most filers, or $400,000 for married couples filing jointly. This policy reduces the tax liability for eligible families based on specific income thresholds.