Connecticut 2023 Regular Session

Connecticut Senate Bill SB00352

Introduced
1/18/23  

Caption

An Act Establishing A Child Tax Credit Against The Personal Income Tax.

Impact

This legislation could lead to significant changes in the financial landscape for families with children in Connecticut. The establishment of a child tax credit will likely influence how many residents file their taxes, as it provides an avenue for reducing their overall tax burden. By facilitating tax relief, this bill may contribute to greater disposable income for families, thus potentially stimulating local economies as families have more financial resources to spend on goods and services.

Summary

SB00352 aims to establish a child tax credit against the personal income tax in Connecticut. The bill's introduction reflects growing concerns about the financial implications of raising children, especially as families face increasing costs in various areas such as healthcare, education, and housing. By introducing this credit, the state government intends to provide some financial relief to families, allowing them to retain more of their income for essential needs. This initiative underscores a broader commitment to support families and promote the well-being of children within the state.

Contention

While the proposal has garnered support due to its potential benefits for families, it is not without controversy. Some lawmakers and fiscal conservatives might argue that introducing a new tax credit could lead to a decrease in state revenue, questioning the sustainability of funding such initiatives in the long term. Moreover, there may be concern over whether the benefits of the credit will reach those who need it most and if the implementation costs outweigh the anticipated benefits. Such debates may shape future discussions regarding amendments or enhancements to the bill.

Companion Bills

No companion bills found.

Previously Filed As

CT HB05034

An Act Establishing A Child Tax Credit Against The Personal Income Tax.

CT HB05040

An Act Establishing A Child Tax Credit Against The Personal Income Tax.

CT HB05044

An Act Establishing A Child Tax Credit Against The Personal Income Tax.

CT SB00025

An Act Establishing A Property Tax Credit Against The Personal Income Tax For Certain Seniors.

CT HB05030

An Act Establishing A Credit Against The Personal Income Tax For Interest Paid On Student Loans.

CT HB05020

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

CT SB00036

An Act Establishing A Refundable Child Tax Credit.

CT HB05303

An Act Establishing A Child Income Tax Deduction.

CT HB05016

An Act Concerning A Credit Against The Personal Income Tax For Licensing Fees Paid By Connecticut-licensed Social Workers.

CT SB00100

An Act Establishing A Personal Income Tax Deduction For College Tuition Payments Made By A Taxpayer.

Similar Bills

No similar bills found.