Establishes a $500 tax credit per child or dependent against personal income tax.
The bill establishes a child and dependent tax credit against the personal income tax of $500 per eligible child or dependent. Eligible individuals include children under 17, disabled dependents or spouses, and dependents aged 65 or older who are not the taxpayer's spouse. The credit phases out by 10% for each $1,000 of adjusted gross income over $200,000 for unmarried individuals, married individuals filing separately, and heads of households, and over $400,000 for married individuals filing jointly.
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