Child Tax Credit Amendments

HB 316 expands Utah's nonrefundable child tax credit to include children under age 5 (previously only children over 1 year old). It directly affects Utah taxpayers with children aged 0-4 who file federal tax returns claiming the credit, allowing them to claim $1,000 per qualifying child. The bill amends Utah law to redefine "qualifying child" as one under six years old on the last day of the tax year, maintaining the same credit amount and phaseout rules based on income. The change applies retroactively to tax years beginning January 1, 2025, and takes effect May 7, 2025. No new state funds are appropriated for this policy change.