Page 548

House Bill No. 5506

Public Act No. 22-118 548 of 739

individuals filing jointly whose federal adjusted gross income for such taxable year is less than one hundred thousand dollars, (I) for the taxable year commencing January 1, 2023, twenty-five per cent of any distribution from an individual retirement account other than a Roth individual retirement account, (II) for the taxable year commencing January 1, 2024, fifty per cent of any distribution from an individual retirement account other than a Roth individual retirement account, (III) for the taxable year commencing January 1, 2025, seventy-five per cent of any distribution from an individual retirement account other than a Roth individual retirement account, and (IV) for the taxable year commencing January 1, 2026, and each taxable year thereafter, any distribution from an individual retirement account other than a Roth individual retirement account; and (xxvii) To the extent properly includable in gross income for federal income tax purposes, for the taxable year commencing January 1, 2022, the amount or amounts paid or otherwise credited to any eligible resident of this state under (I) the 2020 Earned Income Tax Credit enhancement program from funding allocated to the state through the Coronavirus Relief Fund established under the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136, and (II) the 2021 Earned Income Tax Credit enhancement program from funding allocated to the state pursuant to Section 9901 of Subtitle M of Title IX of the American Rescue Plan Act of 2021, P.L. 117-2. Sec. 411. (Effective from passage) (a) As used in this section, (1) "child" means an individual who is eighteen years of age or under as of December 31, 2021, and (2) "eligible taxpayer" means any natural person domiciled in this state. (b) (1) Any eligible taxpayer may claim a rebate for each child, up to a maximum of three children, that the eligible taxpayer validly claims as a dependent on such taxpayer's return filed under the federal income tax for the taxable year commencing January 1, 2021.