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CT HB05550

CT HB05550
An Act Concerning The Qualifying Income Thresholds For Certain Personal Income Tax Deductions For Married Individuals Filing Jointly.


summary

Introduced
01/21/2025
In Committee
01/21/2025
Crossed Over
Passed
Dead
06/04/2025

Introduced Session

2025 General Assembly

Bill Summary

To increase, for married individuals filing jointly, the qualifying income thresholds for the personal income tax deductions for Social Security benefits, pension and annuity income and distributions and adjust the applicable phase-outs accordingly.

AI Summary

This bill proposes to modify Connecticut state tax law by increasing income thresholds for married couples filing jointly, specifically for personal income tax deductions related to Social Security benefits, pension, and annuity income. Under the proposed changes, married couples filing jointly would be eligible for these tax deductions if their combined income is less than $150,000, and the phase-out range (the income range over which the deduction gradually reduces) would be adjusted to extend up to $200,000. By raising these thresholds, the bill aims to provide more tax relief for married couples, allowing them to keep more of their retirement and Social Security income before the tax benefits start to diminish. This modification could potentially benefit middle-income retirees by expanding the income range during which they can receive full or partial tax deductions on these types of income.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Referred to Joint Committee on Finance, Revenue and Bonding (on 01/21/2025)

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