MT HB942

Creates a $1,000 refundable state child tax credit for each qualifying child aged 5 or younger at the beginning of the tax year

Credit phases out at $100 per $1,000 of income above $35,000 for single/head of household filers and $65,000 for married couples filing jointly

Requires proof of earned income and a valid Social Security number for each child claimed

Credit amount and income thresholds will be adjusted annually for inflation based on the consumer price index

Applies to tax years beginning after December 31, 2025, and adds the credit to the list of tax credits subject to interim committee review