H.B. 701 Summary

• Creates a refundable income tax credit of $600 per child for taxpayers who purchased infant or toddler formula for a child under age two during the taxable year.

• Eligible taxpayers must be the parent or legal guardian with either sole or joint custody of the qualifying child and must have purchased the formula for the child's consumption.

• The credit is refundable, meaning if it exceeds the taxpayer's tax liability, the taxpayer receives the excess as a refund.

• Two taxpayers eligible for the credit based on the same child may each claim $600 if filing separately; joint filers claim $600 total.

• The credit is claimed after all other specified tax credits in a defined order and applies to taxable years ending on or after the bill's effective date.