CT SB00383

Increases Connecticut's state Earned Income Tax Credit (EITC) from 30.5% to 41.5% of the federal EITC for taxable years beginning on or after January 1, 2022

Connecticut residents who claim the federal EITC under Internal Revenue Code Section 32 are eligible for the state credit against their Connecticut income tax

Establishes a three-tier historical structure: 23% for years before 2021, 30.5% for tax year 2021, and 41.5% for 2022 and beyond

Effective July 1, 2022, with retroactive application to taxable years commencing on or after January 1, 2022

Received a Joint Favorable report from the Finance, Revenue and Bonding Committee