An Act Establishing A Child Tax Credit Against The Personal Income Tax.
The introduction of this bill is expected to provide significant financial relief to working families. By offering a child tax credit, the legislation is designed to alleviate some of the economic burdens faced by low and moderate-income households, thereby promoting better financial stability. This initiative aligns with broader objectives of enhancing social welfare and ensuring that families can maintain their responsibilities while contributing to the state's economy.
SB00119 is a proposed act aiming to establish a child tax credit against the personal income tax for qualifying tax filers in Connecticut. This legislation proposes a credit of five hundred dollars per child, applicable to a maximum of three children. The eligibility criteria are set for tax filers from asset limited, income constrained, employed households, as identified by the United Way of Connecticut. To qualify, filers must have a federal adjusted gross income under one hundred thousand dollars for single individuals or two hundred thousand dollars for married couples filing jointly, in addition to working full-time for at least nine months of the taxable year.
Ultimately, SB00119 seeks to establish a targeted framework for supporting families through tax relief. As the bill progresses, stakeholders will closely monitor its implications for state finances, the potential for increasing family support systems, and the ongoing discussions about the role of government in providing economic assistance to its citizens.
Notably, discussions surrounding SB00119 may involve points of contention related to its fiscal impact on state revenue. Critics of tax credits often raise concerns about the potential strain they could place on state budgets, questioning the sustainability of such financial incentives. Proponents, conversely, argue that the benefits of supporting families through tax credits far outweigh the costs involved, emphasizing the long-term economic benefits that follow from having financially stable households, such as increased consumer spending and improved quality of life for children.