Connecticut 2021 Regular Session

Connecticut House Bill HB05295

Introduced
1/22/21  
Refer
1/22/21  

Caption

An Act Concerning A Study Of The Earned Income Tax Credit.

Impact

The bill's implications for state laws primarily revolve around the administration of tax credits and how they align with broader state fiscal policies. By undertaking this study, the bill could lead to recommended changes in eligibility criteria for the EITC. This may ultimately affect the distribution of tax benefits among lower-income households in the state, potentially increasing access to financial support for struggling families.

Summary

House Bill 05295 proposes the requirement for the Commissioner of Revenue Services to conduct a study focused on the earned income tax credit (EITC) eligibility. The bill aims to evaluate the earned income amount requirements that qualify individuals for this tax credit, which serves as a financial support mechanism for low to moderate-income working individuals and families. By analyzing these requirements, the bill seeks to determine if they adequately reflect current economic conditions and are accessible to those in need.

Contention

While the bill appears straightforward in its intent to evaluate tax credit eligibility, notable points of contention may arise regarding the prioritization of such studies amidst other legislative initiatives. Supporters may view this as crucial for ensuring that tax credits effectively serve those intended, while critics may argue it could delay immediate financial relief measures for individuals and families facing economic hardship. Moreover, the study's findings could provoke debates on potential reforms to tax policies designed to benefit low-income residents.

Companion Bills

No companion bills found.

Previously Filed As

CT SB00032

An Act Eliminating The Earned Income Tax Credit.

CT HB05140

An Act Concerning Earned Wage Access.

CT SB00270

An Act Concerning Tax Credits For The Conversion Of Commercial Properties.

CT SB00449

An Act Concerning A Study Of State Taxation.

CT HB05190

An Act Concerning The Historic Homes Rehabilitation Tax Credit.

CT HB05020

An Act Concerning A Credit Against The Personal Income Tax For Certain Teachers.

CT HB05512

An Act Concerning A Study Of State Revenue Collections.

CT HB05492

An Act Establishing A Farm Investment Tax Credit And Concerning The Threshold For Certain Optional Farm-related Property Tax Exemptions.

CT HB05021

An Act Concerning The Cap On Research And Development Tax Credits.

CT HB05065

An Act Concerning The Cap On Research And Development Tax Credits.

Similar Bills

No similar bills found.