The proposed bill, General Assembly Proposed Bill No. 322, aims to eliminate the earned income tax credit by repealing section 12-704e of the general statutes. This change would remove the financial benefit currently provided to low- to moderate-income working individuals and families, which is designed to reduce poverty and incentivize employment.

The bill is introduced by Senators and Representatives from various districts and has been referred to the Committee on Finance, Revenue and Bonding for further consideration. The statement of purpose clearly outlines the intent to abolish the earned income tax credit, indicating a significant shift in tax policy that could impact many residents who rely on this credit for financial support.