An Act expanding the child tax credit

This bill expands Massachusetts' state child tax credit to provide financial relief to families with young children and elderly dependents. It creates a new $3,000 credit for each child under 13 who was previously ineligible for the federal American Rescue Plan credit, while increasing the existing credit for children under 13 to $600. Additionally, the legislation introduces an $180 credit for each dependent aged 65 or older, or $360 for households with two or more such dependents. These credits are available to taxpayers with household incomes up to $200,000 for single filers or $400,000 for married couples filing jointly, and any excess credit is paid out as a refund.