Bill > SB00113

This bill proposes to increase the personal income tax deduction for contributions to 529 qualified state tuition programs, which are tax-advantaged savings accounts designed to help families save for educational expenses. Currently, individual taxpayers can deduct up to $5,000 for contributions to these accounts, and the bill would raise this limit to $7,500. Similarly, for taxpayers filing joint tax returns, the current deduction limit of $10,000 would be increased to $12,500. By raising these deduction limits, the bill aims to provide greater tax relief and incentivize more families to save for higher education expenses through these state-established 529 tuition savings programs. The increased deduction amounts would allow taxpayers to reduce their taxable income by a larger amount when contributing to these educational savings accounts, potentially making it more financially attractive for families to save for future college or educational costs.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00113&which_year=2025