Modifying individual income tax rates and providing tax credits for certain married persons filing a joint return, and including effective date and retroactive applicability provisions

This bill modifies individual income tax rates and provides tax credits for certain married persons filing a joint return.8 percent to 0 percent, if such married persons have 5 or more dependents under the age of 18.8 percent to 0 percent, if such married persons are filing jointly for the first or second time in their lifetimes. The bill also creates an additional dependent credit for married persons filing a joint return equal to the product of the number of dependents exceeding 5 but not more than 10 that are under the age of 18 multiplied by $1,000. Any credit in excess of the tax liability is refundable. In lieu of claiming a refund, the taxpayer may elect to have the overpayment shown on the taxpayer’s final, completed return credited to the tax liability for the following five years until depleted, whichever is earlier. The bill takes effect upon enactment and applies retroactively to tax years beginning on or after January 1, 2025.