Amendment ID: S2397-53

Amendment 53

Child Tax Credit Enhancements

Ms. Rausch, Ms. Edwards and Ms. Jehlen move that the proposed new text be amended in section 19, in line 101, by inserting after the word “Code” the following words:- ; "cost-of-living adjustment" shall mean, for any calendar year, the percentage, if any, by which the CPI for the preceding calendar year exceeds the CPI for calendar year 2023; "CPI" shall mean the consumer price index for any calendar year as defined in section 1 of the Code; and “taxable income” shall mean the sum of the taxpayer’s Part A taxable income, Part B taxable income, and Part C taxable income;

In said section 19, as so appearing, in line 106, by striking out the figure “13” and inserting in place thereof the following figure:- 19;

In said section 19, as so appearing, in line 110, by striking out the figure “$310” and inserting in place thereof the following figure:- $1,000; and

In said section 19, as so appearing, in line 114, by inserting after the word “Code” the following words:- and provided further, that if the taxpayer’s taxable income exceeds $200,000, the amount of the credit for each eligible dependent shall be reduced by one-third of one percent of the amount by which their taxable income exceeds $200,000. For each taxable year, the commissioner shall annually increase the amount of credit for each eligible dependent as provided by this subsection by an amount equal to such credit multiplied by the cost-of-living adjustment for the calendar year in which such taxable year begins, and shall also annually increase the other dollar figures in the preceding sentence in the same manner.