AB 397: Personal Income Tax Law: young child tax credit.

This bill amends the personal income tax law to expand the young child tax credit to a wider age range. Starting from 2025, a child under a specified age as of the last day of the taxable year is considered a qualifying child. The bill also increases payments from the tax relief and refund account to make an appropriation. The new tax expenditure will be subject to specific goals, performance indicators, and data collection requirements.