Bill > HB05145

This bill proposes to increase the tax deduction limits for contributions to 529 qualified state tuition programs in Connecticut. Currently, individual taxpayers can deduct up to $5,000 in contributions to these education savings accounts, and the bill would raise that limit to $10,000. Similarly, for married couples filing joint tax returns, the current deduction limit of $10,000 would be increased to $20,000. A 529 plan is a tax-advantaged investment account designed to help families save for education expenses, typically for college or K-12 tuition. By increasing these deduction limits, the bill aims to encourage more residents to save for education by providing a larger tax benefit for contributions to these state-established tuition savings programs. The change would make it more financially attractive for Connecticut taxpayers to invest in their children's or their own future educational opportunities by offering a more substantial tax deduction for 529 plan contributions.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05145&which_year=2025