TO AMEND THE INDIVIDUAL INCOME TAX LAWS; AND TO CREATE AN INCOME TAX CREDIT FOR DEPENDENT CHILDREN.

Fiscal Impact Statement Bill: HB1015 Bill Subtitle: TO AMEND THE INDIVIDUAL INCOME TAX LAWS; AND TO CREATE AN INCOME TAX CREDIT FOR DEPENDENT CHILDREN. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Rep. Collins Basic Change: HB1015 creates a $300 refundable income tax credit for qualifying taxpayers who provide support to certain dependents. To qualify for the credit, the dependent must meet the definition of "qualifying child" provided in the bill. The bill incorporates the definition of "qualifying child" found in 26 U.S.C. § 152(c) (IRC § 152), as it existed on January 1, 2025, except that the bill limits the definition to only include individuals who have not attained the age of 18 as of the end of the tax year. The credit is available for an individual taxpayer with net income up to $100,000 or taxpayers filing jointly with net income up to $200,000. Married taxpayers that meet the income thresholds for the credit that file separately on the same return may each claim a $150 credit against the tax due on the return of each spouse. The bill requires the Department of Finance and