Raised Bill No. 5303 introduces amendments to the tax code, specifically targeting the Connecticut adjusted gross income calculations. The bill includes insertions that would allow taxpayers to subtract various types of income from their gross income for federal tax purposes. These types include Social Security benefits, interest income from state obligations, retirement pay for Armed Forces and National Guard members, and other specific exemptions. It also outlines the conditions for subtracting income that is exempt from federal tax but taxable by the state, dividends from regulated investment companies, and state income tax refunds or credits. The bill includes provisions for deductions related to the Connecticut Homecare Option Program for the Elderly, Holocaust victims' settlement payments, and distributions from qualified state tuition programs. The bill is set to be effective upon passage and applicable to taxable years starting on or after January 1, 2024. The bill also proposes a new child income tax deduction, allowing taxpayers to deduct $2,000 for each dependent child aged 17 or under, as long as the child is claimed as a dependent on the taxpayer's federal return for the taxable year. This deduction is applicable to taxable years beginning on or after January 1, 2024. Additionally, the bill outlines a phased increase in the deduction for distributions from individual retirement accounts (excluding Roth IRAs) for taxpayers below certain income thresholds, with the deduction reaching 100% by January 1, 2026. The bill includes both insertions and deletions to the existing legal language, with changes indicated by and tags.