HB 5303 Summary

• Establishes a $2,000 annual income tax deduction for each dependent child age 17 or under, claimed on the taxpayer's federal return for the taxable year

• Effective for taxable years commencing on or after January 1, 2024, and applicable from passage of the act

• Added as clause (xxxv) to Connecticut General Statutes section 12-701(a)(20)(B), which governs income tax deductions and subtractions

• Applies to taxpayers who validly claim qualifying children as dependents on their federal income tax returns