Establishes the Single Parent Support Income Tax Credit

HB 555 creates a state income tax credit of $5,000 annually for eligible single parents during the first five years of their child's life. It directly affects unmarried parents with legal custody who carried a pregnancy to term, requiring medical and state law documentation to claim the credit. If a parent's tax liability is less than $5,000, the difference is issued as a refund. The credit is capped at $5 million total per year across all claimants and becomes effective October 1, 2025.