AN ACT CONCERNING THE INDEXING OF PERSONAL INCOME TAX THRESHOLDS AND PERSONAL EXEMPTION AMOUNTS, THE ESTABLISHMENT OF A CHILD TAX CREDIT AND THE DEDUCTION AND WITHHOLDING OF PERSONAL INCOME TAX FROM CERTAIN PAYMENTS AND DISTRIBUTIONS.

HB 7272 updates Connecticut's personal income tax structure for 2024 and beyond. It adjusts tax brackets and rates for single filers (e.g., 2% rate applies to income under $10,000) and heads of household (under $16,000), with phase-outs for high earners (e.g., income over $56,500 for singles reduces the 2% rate threshold). The bill also establishes a child tax credit and requires tax withholding on certain payments, though specific credit details are not provided in the excerpt. These changes directly affect Connecticut taxpayers filing state returns, particularly middle- and high-income households. The bill does not specify the child credit amount or withholding mechanics beyond their inclusion.