The proposed Bill No. 76 aims to amend chapter 229 of the general statutes to establish a child and dependent tax credit against the personal income tax. This credit would amount to five hundred dollars for each eligible child or dependent, which includes children under seventeen years of age, disabled dependents or spouses residing with the taxpayer for more than half the taxable year, and dependents aged sixty-five or older who are not the taxpayer's spouse.

Additionally, the bill outlines income threshold phase-outs for the credit, reducing the amount by ten percent for every one thousand dollars of adjusted gross income exceeding two hundred thousand dollars for unmarried individuals, married individuals filing separately, and heads of households, and four hundred thousand dollars for married individuals filing jointly. The bill introduces new legal language to implement these provisions while removing any conflicting language from current law.