AN ACT ESTABLISHING A CREDIT AGAINST THE PERSONAL INCOME TAX FOR CERTAIN EMPLOYEES OF DEFENSE CONTRACTORS AND OF DIRECT SUPPLIERS AND SUBCONTRACTORS OF DEFENSE CONTRACTORS.

Summary

The bill adds a $500 credit to the personal income tax for workers employed by defense contractors, as well as direct suppliers and subcontractors of those contractors. The credit is only available to individuals with adjusted gross incomes under $125,000 (single) or $250,000 (married filing jointly). It aims to give modest tax relief to qualifying employees in the defense industry.

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