An Act Establishing A Child Tax Credit Against The Personal Income Tax.
Impact
The potential impact of HB 05092 on state laws includes a direct modification to personal income tax regulations, which could enhance financial support for families with children. By implementing a child tax credit, the state would be acknowledging the economic challenges faced by parents and guardians. This credit aims to reduce the overall tax burden, potentially increasing disposable income for families, and thus stimulating local economies through increased spending.
Summary
House Bill 05092 aims to establish a child tax credit against the personal income tax, providing financial relief to families. Specifically, the bill proposes to amend chapter 229 of the general statutes to allow for a credit of up to five hundred dollars per qualifying child. This initiative is intended to support families in managing the costs associated with raising children, thereby promoting economic stability within households.
Contention
While the bill aims to provide valuable support to families, there could be notable points of contention during discussions. Some legislators may argue about the financial implications of implementing such tax credits on state revenue. Concerns could also arise regarding the criteria for eligibility and the potential impact on low-income families versus middle-income families. Furthermore, there may be debates about the long-term sustainability of such tax credits in the state's fiscal planning.