AN ACT ESTABLISHING THE END CHILD POVERTY SOCIAL INVESTMENT FUND.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subdivision (6) of subsection (a) of section 12-700 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2005, and applicable to taxable years commencing on or after January 1, 2005):

(6) For taxable years commencing on or after January 1, 2003, in accordance with the following schedule:

(A) For any person who files a return under the federal income tax for such taxable year as an unmarried individual or as a married individual filing separately:

(B) For any person who files a return under the federal income tax for such taxable year as a head of household, as defined in Section 2(b) of the Internal Revenue Code:

(C) For any husband and wife who file a return under the federal income tax for such taxable year as married individuals filing jointly or any person who files a return under the federal income tax for such taxable year as a surviving spouse, as defined in Section 2(a) of the Internal Revenue Code:

(D) In addition to any tax owing pursuant to subdivisions (A) to (C), inclusive of this subdivision, there is hereby imposed on the Connecticut taxable income of each resident of this state a tax at the rate of two per cent of such Connecticut taxable income in excess of two hundred thousand dollars.

[(D)] (E) For trusts or estates, the rate of tax shall be 5.0% of the Connecticut taxable income.

Sec. 2. (NEW) (Effective July 1, 2005, and applicable to taxable years commencing on or after January 1, 2005) All funds received pursuant to subparagraph (D) of subdivision (6) of subsection (a) of section 12-700 of the general statutes, as amended by this act, shall upon deposit in the General Fund, be credited to the "end child poverty social investment account" established pursuant to section 3 of this act.

Sec. 3. (NEW) (Effective July 1, 2005): There is established the "end child poverty social investment account" which shall be a separate nonlapsing account within the General Fund. The account shall contain any funds required by law to be deposited in the account. Funds in the account shall be used by the Child Poverty Council established by section 4-67x of the general statutes to implement the provisions of said section.

Statement of Purpose:

To establish and fund the end child poverty social investment account.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]