Proposed Bill No. 36, introduced by Senator Looney of the 11th District, aims to amend chapter 229 of the general statutes to establish a refundable child tax credit against the personal income tax. This credit would apply for up to three dependent children, starting at fifty dollars per child for the taxable year beginning January 1, 2024. The credit is designed to increase over the following four years, reaching up to six hundred dollars per child. However, the credit amount will decrease by ten percent for every one thousand dollars (or fraction thereof) of federal adjusted gross income over specific thresholds: $100,000 for an unmarried individual or a married individual filing separately, $160,000 for a head of household, and $200,000 for married individuals filing jointly.

The purpose of this bill is to provide financial relief to families by introducing a refundable child tax credit against the personal income tax. The credit is structured to phase up over time, offering increasing support to eligible families with dependent children. The bill also includes a provision to phase out the credit for higher-income earners, ensuring that the benefit is targeted towards those with lower to moderate incomes.