Bill > SB00426

This bill proposes to increase the income thresholds for personal income tax deductions related to Social Security benefits, pension and annuity income, and distributions from individual retirement accounts (IRAs). Starting in the tax year beginning January 1, 2025, the bill would modify the qualifying income limits to allow more taxpayers to claim these deductions. Specifically, for individual filers, the new threshold would be less than $150,000, and for married couples filing jointly, the threshold would be less than $250,000. The bill also includes provisions to adjust the phase-out ranges for these deductions accordingly. These changes aim to provide tax relief for individuals and married couples with moderate incomes, potentially reducing their tax burden on retirement-related income sources. By raising the income thresholds, more taxpayers may become eligible for these tax deductions, which could help alleviate financial pressure on retirees and those approaching retirement.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00426&which_year=2025