Provide for a child tax credit

Establishes a new refundable child tax credit of $1,200 for qualifying children who are 5 years of age or younger.

Defines the 'threshold amount' for the credit phase-out as $56,000, regardless of the taxpayer's filing status.

Amends Section 15-30-2303 to include the new child tax credit in the list of tax credits that must be reviewed by the revenue interim committee every eight years.

Updates the list of bill sponsors and adds a codification instruction to ensure the new section is integrated into Title 15, Chapter 30.

The list of sponsoring legislators was expanded to include additional names, reflecting changes in who introduced the bill.

The text was reorganized to clearly distinguish the new child tax credit section from the section listing other tax credits subject to review, improving readability and legal clarity.

Minor formatting adjustments were made to align the bill with standard legislative printing conventions.

Reformatted the introductory text to consolidate the sponsor's name onto one line, removing an unnecessary line break.

Created a new refundable child tax credit of $1,200 for each qualifying child aged 5 or younger.

Defined a 'qualifying child' as one who is 5 years of age or younger as of the end of the calendar year.

Added the new child tax credit to the list of tax credits that must be reviewed by the revenue interim committee.

Added a codification instruction directing the new section to be integrated into Title 15, Chapter 30.

Set the applicability date for the new credit to income tax years beginning after December 31, 2025.

The bill number was changed from LC 2036 to HB 220, and the list of sponsoring legislators was added.

The bill number in the header was updated from LC2036.1 to HB 220.1.

The bill was updated to include the full list of sponsors (M. Caferro, S. Novak, C. Neumann, etc.).