Connecticut 2024 Regular Session

Connecticut House Bill HB05303 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	LCO No. 1847 1 of 13
4	4
5	5	General Assembly Raised Bill No. 5303
6	6	February Session, 2024
7	7	LCO No. 1847
8	8
9	9
10	10	Referred to Committee on FINANCE, REVENUE AND
11	11	BONDING
12	12
13	13
14	14	Introduced by:
15	15	(FIN)
16	16
17	17
18	18
19	19
20	20	AN ACT ESTABLISHING A CHILD INCOME TAX DEDUCTION.
21	21	Be it enacted by the Senate and House of Representatives in General
22	22	Assembly convened:
23	23
24	24	Section 1. Subparagraph (B) of subdivision (20) of subsection (a) of 1
25	25	section 12-701 of the 2024 supplement to the general statutes is repealed 2
26	26	and the following is substituted in lieu thereof (Effective from passage and 3
27	27	applicable to taxable years commencing on or after January 1, 2024): 4
28	28	(B) There shall be subtracted therefrom: 5
29	29	(i) To the extent properly includable in gross income for federal 6
30	30	income tax purposes, any income with respect to which taxation by any 7
31	31	state is prohibited by federal law; 8
32	32	(ii) To the extent allowable under section 12-718, exempt dividends 9
33	33	paid by a regulated investment company; 10
34	34	(iii) To the extent properly includable in gross income for federal 11
35	35	income tax purposes, the amount of any refund or credit for 12
36	36	overpayment of income taxes imposed by this state, or any other state 13 Raised Bill No. 5303
37	37
38	38
39	39
40	40	LCO No. 1847 2 of 13
41	41
42	42	of the United States or a political subdivision thereof, or the District of 14
43	43	Columbia; 15
44	44	(iv) To the extent properly includable in gross income for federal 16
45	45	income tax purposes and not otherwise subtracted from federal 17
46	46	adjusted gross income pursuant to clause (x) of this subparagraph in 18
47	47	computing Connecticut adjusted gross income, any tier 1 railroad 19
48	48	retirement benefits; 20
49	49	(v) To the extent any additional allowance for depreciation under 21
50	50	Section 168(k) of the Internal Revenue Code for property placed in 22
51	51	service after September 27, 2017, was added to federal adjusted gross 23
52	52	income pursuant to subparagraph (A)(ix) of this subdivision in 24
53	53	computing Connecticut adjusted gross income, twenty-five per cent of 25
54	54	such additional allowance for depreciation in each of the four 26
55	55	succeeding taxable years; 27
56	56	(vi) To the extent properly includable in gross income for federal 28
57	57	income tax purposes, any interest income from obligations issued by or 29
58	58	on behalf of the state of Connecticut, any political subdivision thereof, 30
59	59	or public instrumentality, state or local authority, district or similar 31
60	60	public entity created under the laws of the state of Connecticut; 32
61	61	(vii) To the extent properly includable in determining the net gain or 33
62	62	loss from the sale or other disposition of capital assets for federal income 34
63	63	tax purposes, any gain from the sale or exchange of obligations issued 35
64	64	by or on behalf of the state of Connecticut, any political subdivision 36
65	65	thereof, or public instrumentality, state or local authority, district or 37
66	66	similar public entity created under the laws of the state of Connecticut, 38
67	67	in the income year such gain was recognized; 39
68	68	(viii) Any interest on indebtedness incurred or continued to purchase 40
69	69	or carry obligations or securities the interest on which is subject to tax 41
70	70	under this chapter but exempt from federal income tax, to the extent that 42
71	71	such interest on indebtedness is not deductible in determining federal 43
72	72	adjusted gross income and is attributable to a trade or business carried 44
73	73	on by such individual; 45 Raised Bill No. 5303
74	74
75	75
76	76
77	77	LCO No. 1847 3 of 13
78	78
79	79	(ix) Ordinary and necessary expenses paid or incurred during the 46
80	80	taxable year for the production or collection of income which is subject 47
81	81	to taxation under this chapter but exempt from federal income tax, or 48
82	82	the management, conservation or maintenance of property held for the 49
83	83	production of such income, and the amortizable bond premium for the 50
84	84	taxable year on any bond the interest on which is subject to tax under 51
85	85	this chapter but exempt from federal income tax, to the extent that such 52
86	86	expenses and premiums are not deductible in determining federal 53
87	87	adjusted gross income and are attributable to a trade or business carried 54
88	88	on by such individual; 55
89	89	(x) (I) For taxable years commencing prior to January 1, 2019, for a 56
90	90	person who files a return under the federal income tax as an unmarried 57
91	91	individual whose federal adjusted gross income for such taxable year is 58
92	92	less than fifty thousand dollars, or as a married individual filing 59
93	93	separately whose federal adjusted gross income for such taxable year is 60
94	94	less than fifty thousand dollars, or for a husband and wife who file a 61
95	95	return under the federal income tax as married individuals filing jointly 62
96	96	whose federal adjusted gross income for such taxable year is less than 63
97	97	sixty thousand dollars or a person who files a return under the federal 64
98	98	income tax as a head of household whose federal adjusted gross income 65
99	99	for such taxable year is less than sixty thousand dollars, an amount 66
100	100	equal to the Social Security benefits includable for federal income tax 67
101	101	purposes; 68
102	102	(II) For taxable years commencing prior to January 1, 2019, for a 69
103	103	person who files a return under the federal income tax as an unmarried 70
104	104	individual whose federal adjusted gross income for such taxable year is 71
105	105	fifty thousand dollars or more, or as a married individual filing 72
106	106	separately whose federal adjusted gross income for such taxable year is 73
107	107	fifty thousand dollars or more, or for a husband and wife who file a 74
108	108	return under the federal income tax as married individuals filing jointly 75
109	109	whose federal adjusted gross income from such taxable year is sixty 76
110	110	thousand dollars or more or for a person who files a return under the 77
111	111	federal income tax as a head of household whose federal adjusted gross 78
112	112	income for such taxable year is sixty thousand dollars or more, an 79 Raised Bill No. 5303
113	113
114	114
115	115
116	116	LCO No. 1847 4 of 13
117	117
118	118	amount equal to the difference between the amount of Social Security 80
119	119	benefits includable for federal income tax purposes and the lesser of 81
120	120	twenty-five per cent of the Social Security benefits received during the 82
121	121	taxable year, or twenty-five per cent of the excess described in Section 83
122	122	86(b)(1) of the Internal Revenue Code; 84
123	123	(III) For the taxable year commencing January 1, 2019, and each 85
124	124	taxable year thereafter, for a person who files a return under the federal 86
125	125	income tax as an unmarried individual whose federal adjusted gross 87
126	126	income for such taxable year is less than seventy-five thousand dollars, 88
127	127	or as a married individual filing separately whose federal adjusted gross 89
128	128	income for such taxable year is less than seventy-five thousand dollars, 90
129	129	or for a husband and wife who file a return under the federal income tax 91
130	130	as married individuals filing jointly whose federal adjusted gross 92
131	131	income for such taxable year is less than one hundred thousand dollars 93
132	132	or a person who files a return under the federal income tax as a head of 94
133	133	household whose federal adjusted gross income for such taxable year is 95
134	134	less than one hundred thousand dollars, an amount equal to the Social 96
135	135	Security benefits includable for federal income tax purposes; and 97
136	136	(IV) For the taxable year commencing January 1, 2019, and each 98
137	137	taxable year thereafter, for a person who files a return under the federal 99
138	138	income tax as an unmarried individual whose federal adjusted gross 100
139	139	income for such taxable year is seventy-five thousand dollars or more, 101
140	140	or as a married individual filing separately whose federal adjusted gross 102
141	141	income for such taxable year is seventy-five thousand dollars or more, 103
142	142	or for a husband and wife who file a return under the federal income tax 104
143	143	as married individuals filing jointly whose federal adjusted gross 105
144	144	income from such taxable year is one hundred thousand dollars or more 106
145	145	or for a person who files a return under the federal income tax as a head 107
146	146	of household whose federal adjusted gross income for such taxable year 108
147	147	is one hundred thousand dollars or more, an amount equal to the 109
148	148	difference between the amount of Social Security benefits includable for 110
149	149	federal income tax purposes and the lesser of twenty-five per cent of the 111
150	150	Social Security benefits received during the taxable year, or twenty-five 112
151	151	per cent of the excess described in Section 86(b)(1) of the Internal 113 Raised Bill No. 5303
152	152
153	153
154	154
155	155	LCO No. 1847 5 of 13
156	156
157	157	Revenue Code; 114
158	158	(xi) To the extent properly includable in gross income for federal 115
159	159	income tax purposes, any amount rebated to a taxpayer pursuant to 116
160	160	section 12-746; 117
161	161	(xii) To the extent properly includable in the gross income for federal 118
162	162	income tax purposes of a designated beneficiary, any distribution to 119
163	163	such beneficiary from any qualified state tuition program, as defined in 120
164	164	Section 529(b) of the Internal Revenue Code, established and 121
165	165	maintained by this state or any official, agency or instrumentality of the 122
166	166	state; 123
167	167	(xiii) To the extent allowable under section 12-701a, contributions to 124
168	168	accounts established pursuant to any qualified state tuition program, as 125
169	169	defined in Section 529(b) of the Internal Revenue Code, established and 126
170	170	maintained by this state or any official, agency or instrumentality of the 127
171	171	state; 128
172	172	(xiv) To the extent properly includable in gross income for federal 129
173	173	income tax purposes, the amount of any Holocaust victims' settlement 130
174	174	payment received in the taxable year by a Holocaust victim; 131
175	175	(xv) To the extent properly includable in the gross income for federal 132
176	176	income tax purposes of a designated beneficiary, as defined in section 133
177	177	3-123aa, interest, dividends or capital gains earned on contributions to 134
178	178	accounts established for the designated beneficiary pursuant to the 135
179	179	Connecticut Homecare Option Program for the Elderly established by 136
180	180	sections 3-123aa to 3-123ff, inclusive; 137
181	181	(xvi) To the extent properly includable in gross income for federal 138
182	182	income tax purposes, any income received from the United States 139
183	183	government as retirement pay for a retired member of (I) the Armed 140
184	184	Forces of the United States, as defined in Section 101 of Title 10 of the 141
185	185	United States Code, or (II) the National Guard, as defined in Section 101 142
186	186	of Title 10 of the United States Code; 143 Raised Bill No. 5303
187	187
188	188
189	189
190	190	LCO No. 1847 6 of 13
191	191
192	192	(xvii) To the extent properly includable in gross income for federal 144
193	193	income tax purposes for the taxable year, any income from the discharge 145
194	194	of indebtedness in connection with any reacquisition, after December 146
195	195	31, 2008, and before January 1, 2011, of an applicable debt instrument or 147
196	196	instruments, as those terms are defined in Section 108 of the Internal 148
197	197	Revenue Code, as amended by Section 1231 of the American Recovery 149
198	198	and Reinvestment Act of 2009, to the extent any such income was added 150
199	199	to federal adjusted gross income pursuant to subparagraph (A)(xi) of 151
200	200	this subdivision in computing Connecticut adjusted gross income for a 152
201	201	preceding taxable year; 153
202	202	(xviii) To the extent not deductible in determining federal adjusted 154
203	203	gross income, the amount of any contribution to a manufacturing 155
204	204	reinvestment account established pursuant to section 32-9zz in the 156
205	205	taxable year that such contribution is made; 157
206	206	(xix) To the extent properly includable in gross income for federal 158
207	207	income tax purposes, (I) for the taxable year commencing January 1, 159
208	208	2015, ten per cent of the income received from the state teachers' 160
209	209	retirement system, (II) for the taxable years commencing January 1, 161
210	210	2016, to January 1, 2020, inclusive, twenty-five per cent of the income 162
211	211	received from the state teachers' retirement system, and (III) for the 163
212	212	taxable year commencing January 1, 2021, and each taxable year 164
213	213	thereafter, fifty per cent of the income received from the state teachers' 165
214	214	retirement system or, for a taxpayer whose federal adjusted gross 166
215	215	income does not exceed the applicable threshold under clause (xx) of 167
216	216	this subparagraph, the percentage pursuant to said clause of the income 168
217	217	received from the state teachers' retirement system, whichever 169
218	218	deduction is greater; 170
219	219	(xx) To the extent properly includable in gross income for federal 171
220	220	income tax purposes, except for retirement benefits under clause (iv) of 172
221	221	this subparagraph and retirement pay under clause (xvi) of this 173
222	222	subparagraph, for a person who files a return under the federal income 174
223	223	tax as an unmarried individual whose federal adjusted gross income for 175
224	224	such taxable year is less than seventy-five thousand dollars, or as a 176 Raised Bill No. 5303
225	225
226	226
227	227
228	228	LCO No. 1847 7 of 13
229	229
230	230	married individual filing separately whose federal adjusted gross 177
231	231	income for such taxable year is less than seventy-five thousand dollars, 178
232	232	or as a head of household whose federal adjusted gross income for such 179
233	233	taxable year is less than seventy-five thousand dollars, or for a husband 180
234	234	and wife who file a return under the federal income tax as married 181
235	235	individuals filing jointly whose federal adjusted gross income for such 182
236	236	taxable year is less than one hundred thousand dollars, (I) for the taxable 183
237	237	year commencing January 1, 2019, fourteen per cent of any pension or 184
238	238	annuity income, (II) for the taxable year commencing January 1, 2020, 185
239	239	twenty-eight per cent of any pension or annuity income, (III) for the 186
240	240	taxable year commencing January 1, 2021, forty-two per cent of any 187
241	241	pension or annuity income, and (IV) for the taxable years commencing 188
242	242	January 1, 2022, and January 1, 2023, one hundred per cent of any 189
243	243	pension or annuity income; 190
244	244	(xxi) To the extent properly includable in gross income for federal 191
245	245	income tax purposes, except for retirement benefits under clause (iv) of 192
246	246	this subparagraph and retirement pay under clause (xvi) of this 193
247	247	subparagraph, any pension or annuity income for the taxable year 194
248	248	commencing on or after January 1, 2024, and each taxable year 195
249	249	thereafter, in accordance with the following schedule, for a person who 196
250	250	files a return under the federal income tax as an unmarried individual 197
251	251	whose federal adjusted gross income for such taxable year is less than 198
252	252	one hundred thousand dollars, or as a married individual filing 199
253	253	separately whose federal adjusted gross income for such taxable year is 200
254	254	less than one hundred thousand dollars, or as a head of household 201
255	255	whose federal adjusted gross income for such taxable year is less than 202
256	256	one hundred thousand dollars: 203
257	257
258	258	T1
259	259	Federal Adjusted Gross Income Deduction
260	260	T2 Less than $75,000 100.0%
261	261	T3 $75,000 but not over $77,499 85.0%
262	262	T4 $77,500 but not over $79,999 70.0%
263	263	T5 $80,000 but not over $82,499 55.0% Raised Bill No. 5303
264	264
265	265
266	266
267	267	LCO No. 1847 8 of 13
268	268
269	269	T6 $82,500 but not over $84,999 40.0%
270	270	T7 $85,000 but not over $87,499 25.0%
271	271	T8 $87,500 but not over $89,999 10.0%
272	272	T9 $90,000 but not over $94,999 5.0%
273	273	T10 $95,000 but not over $99,999 2.5%
274	274	T11 $100,000 and over 0.0%
275	275
276	276	(xxii) To the extent properly includable in gross income for federal 204
277	277	income tax purposes, except for retirement benefits under clause (iv) of 205
278	278	this subparagraph and retirement pay under clause (xvi) of this 206
279	279	subparagraph, any pension or annuity income for the taxable year 207
280	280	commencing on or after January 1, 2024, and each taxable year 208
281	281	thereafter, in accordance with the following schedule for married 209
282	282	individuals who file a return under the federal income tax as married 210
283	283	individuals filing jointly whose federal adjusted gross income for such 211
284	284	taxable year is less than one hundred fifty thousand dollars: 212
285	285
286	286	T12
287	287	Federal Adjusted Gross Income Deduction
288	288	T13 Less than $100,000 100.0%
289	289	T14 $100,000 but not over $104,999 85.0%
290	290	T15 $105,000 but not over $109,999 70.0%
291	291	T16 $110,000 but not over $114,999 55.0%
292	292	T17 $115,000 but not over $119,999 40.0%
293	293	T18 $120,000 but not over $124,999 25.0%
294	294	T19 $125,000 but not over $129,999 10.0%
295	295	T20 $130,000 but not over $139,999 5.0%
296	296	T21 $140,000 but not over $149,999 2.5%
297	297	T22 $150,000 and over 0.0%
298	298
299	299	(xxiii) The amount of lost wages and medical, travel and housing 213
300	300	expenses, not to exceed ten thousand dollars in the aggregate, incurred 214
301	301	by a taxpayer during the taxable year in connection with the donation 215
302	302	to another person of an organ for organ transplantation occurring on or 216
303	303	after January 1, 2017; 217 Raised Bill No. 5303
304	304
305	305
306	306
307	307	LCO No. 1847 9 of 13
308	308
309	309	(xxiv) To the extent properly includable in gross income for federal 218
310	310	income tax purposes, the amount of any financial assistance received 219
311	311	from the Crumbling Foundations Assistance Fund or paid to or on 220
312	312	behalf of the owner of a residential building pursuant to sections 8-442 221
313	313	and 8-443; 222
314	314	(xxv) To the extent properly includable in gross income for federal 223
315	315	income tax purposes, the amount calculated pursuant to subsection (b) 224
316	316	of section 12-704g for income received by a general partner of a venture 225
317	317	capital fund, as defined in 17 CFR 275.203(l)-1, as amended from time to 226
318	318	time; 227
319	319	(xxvi) To the extent any portion of a deduction under Section 179 of 228
320	320	the Internal Revenue Code was added to federal adjusted gross income 229
321	321	pursuant to subparagraph (A)(xiv) of this subdivision in computing 230
322	322	Connecticut adjusted gross income, twenty-five per cent of such 231
323	323	disallowed portion of the deduction in each of the four succeeding 232
324	324	taxable years; 233
325	325	(xxvii) To the extent properly includable in gross income for federal 234
326	326	income tax purposes, for a person who files a return under the federal 235
327	327	income tax as an unmarried individual whose federal adjusted gross 236
328	328	income for such taxable year is less than seventy-five thousand dollars, 237
329	329	or as a married individual filing separately whose federal adjusted gross 238
330	330	income for such taxable year is less than seventy-five thousand dollars, 239
331	331	or as a head of household whose federal adjusted gross income for such 240
332	332	taxable year is less than seventy-five thousand dollars, or for a husband 241
333	333	and wife who file a return under the federal income tax as married 242
334	334	individuals filing jointly whose federal adjusted gross income for such 243
335	335	taxable year is less than one hundred thousand dollars, for the taxable 244
336	336	year commencing January 1, 2023, twenty-five per cent of any 245
337	337	distribution from an individual retirement account other than a Roth 246
338	338	individual retirement account; 247
339	339	(xxviii) To the extent properly includable in gross income for federal 248
340	340	income tax purposes, for a person who files a return under the federal 249 Raised Bill No. 5303
341	341
342	342
343	343
344	344	LCO No. 1847 10 of 13
345	345
346	346	income tax as an unmarried individual whose federal adjusted gross 250
347	347	income for such taxable year is less than one hundred thousand dollars, 251
348	348	or as a married individual filing separately whose federal adjusted gross 252
349	349	income for such taxable year is less than one hundred thousand dollars, 253
350	350	or as a head of household whose federal adjusted gross income for such 254
351	351	taxable year is less than one hundred thousand dollars, (I) for the taxable 255
352	352	year commencing January 1, 2024, fifty per cent of any distribution from 256
353	353	an individual retirement account other than a Roth individual 257
354	354	retirement account, (II) for the taxable year commencing January 1, 2025, 258
355	355	seventy-five per cent of any distribution from an individual retirement 259
356	356	account other than a Roth individual retirement account, and (III) for 260
357	357	the taxable year commencing January 1, 2026, and each taxable year 261
358	358	thereafter, any distribution from an individual retirement account other 262
359	359	than a Roth individual retirement account. The subtraction under this 263
360	360	clause shall be made in accordance with the following schedule: 264
361	361
362	362	T23
363	363	Federal Adjusted Gross Income Deduction
364	364	T24 Less than $75,000 100.0%
365	365	T25 $75,000 but not over $77,499 85.0%
366	366	T26 $77,500 but not over $79,999 70.0%
367	367	T27 $80,000 but not over $82,499 55.0%
368	368	T28 $82,500 but not over $84,999 40.0%
369	369	T29 $85,000 but not over $87,499 25.0%
370	370	T30 $87,500 but not over $89,999 10.0%
371	371	T31 $90,000 but not over $94,999 5.0%
372	372	T32 $95,000 but not over $99,999 2.5%
373	373	T33 $100,000 and over 0.0%
374	374
375	375	(xxix) To the extent properly includable in gross income for federal 265
376	376	income tax purposes, for married individuals who file a return under 266
377	377	the federal income tax as married individuals filing jointly whose 267
378	378	federal adjusted gross income for such taxable year is less than one 268
379	379	hundred fifty thousand dollars, (I) for the taxable year commencing 269
380	380	January 1, 2024, fifty per cent of any distribution from an individual 270 Raised Bill No. 5303
381	381
382	382
383	383
384	384	LCO No. 1847 11 of 13
385	385
386	386	retirement account other than a Roth individual retirement account, (II) 271
387	387	for the taxable year commencing January 1, 2025, seventy-five per cent 272
388	388	of any distribution from an individual retirement account other than a 273
389	389	Roth individual retirement account, and (III) for the taxable year 274
390	390	commencing January 1, 2026, and each taxable year thereafter, any 275
391	391	distribution from an individual retirement account other than a Roth 276
392	392	individual retirement account. The subtraction under this clause shall 277
393	393	be made in accordance with the following schedule: 278
394	394
395	395	T34
396	396	Federal Adjusted Gross Income Deduction
397	397	T35 Less than $100,000 100.0%
398	398	T36 $100,000 but not over $104,999 85.0%
399	399	T37 $105,000 but not over $109,999 70.0%
400	400	T38 $110,000 but not over $114,999 55.0%
401	401	T39 $115,000 but not over $119,999 40.0%
402	402	T40 $120,000 but not over $124,999 25.0%
403	403	T41 $125,000 but not over $129,999 10.0%
404	404	T42 $130,000 but not over $139,999 5.0%
405	405	T43 $140,000 but not over $149,999 2.5%
406	406	T44 $150,000 and over 0.0%
407	407
408	408	(xxx) To the extent properly includable in gross income for federal 279
409	409	income tax purposes, for the taxable year commencing January 1, 2022, 280
410	410	the amount or amounts paid or otherwise credited to any eligible 281
411	411	resident of this state under (I) the 2020 Earned Income Tax Credit 282
412	412	enhancement program from funding allocated to the state through the 283
413	413	Coronavirus Relief Fund established under the Coronavirus Aid, Relief, 284
414	414	and Economic Security Act, P.L. 116-136, and (II) the 2021 Earned 285
415	415	Income Tax Credit enhancement program from funding allocated to the 286
416	416	state pursuant to Section 9901 of Subtitle M of Title IX of the American 287
417	417	Rescue Plan Act of 2021, P.L. 117-2; 288
418	418	(xxxi) For the taxable year commencing January 1, 2023, and each 289
419	419	taxable year thereafter, for a taxpayer licensed under the provisions of 290
420	420	chapter 420f or 420h, the amount of ordinary and necessary expenses 291 Raised Bill No. 5303
421	421
422	422
423	423
424	424	LCO No. 1847 12 of 13
425	425
426	426	that would be eligible to be claimed as a deduction for federal income 292
427	427	tax purposes under Section 162(a) of the Internal Revenue Code but that 293
428	428	are disallowed under Section 280E of the Internal Revenue Code 294
429	429	because marijuana is a controlled substance under the federal 295
430	430	Controlled Substance Act; 296
431	431	(xxxii) To the extent properly includable in gross income for federal 297
432	432	income tax purposes, for the taxable year commencing on or after 298
433	433	January 1, 2025, and each taxable year thereafter, any common stock 299
434	434	received by the taxpayer during the taxable year under a share plan, as 300
435	435	defined in section 12-217ss; 301
436	436	(xxxiii) To the extent properly includable in gross income for federal 302
437	437	income tax purposes, the amount of any student loan reimbursement 303
438	438	payment received by a taxpayer pursuant to section 10a-19m; [and] 304
439	439	(xxxiv) Contributions to an ABLE account established pursuant to 305
440	440	sections 3-39k to 3-39q, inclusive, not to exceed five thousand dollars for 306
441	441	each individual taxpayer or ten thousand dollars for taxpayers filing a 307
442	442	joint return; and 308
443	443	(xxxv) Two thousand dollars for each child seventeen years of age or 309
444	444	under as of the end of the prior taxable year whom the taxpayer validly 310
445	445	claims as a dependent on such taxpayer's return filed under the federal 311
446	446	income tax for the taxable year. 312
447	447	This act shall take effect as follows and shall amend the following
448	448	sections:
449	449
450	450	Section 1 from passage and
451	451	applicable to taxable years
452	452	commencing on or after
453	453	January 1, 2024
454	454	12-701(a)(20)(B)
455	455
456	456	Statement of Purpose:
457	457	To establish a child income tax deduction.
458	458	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
459	459	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
460	460	underlined.] Raised Bill No. 5303
461	461
462	462
463	463
464	464	LCO No. 1847 13 of 13
465	465
466	466