Bill > HB05551

This bill proposes to amend section 12-701 of the general statutes to create a personal income tax deduction specifically for gambling losses. The purpose of the legislation is to allow taxpayers to offset their taxable gambling winnings with their gambling losses when filing their income taxes. This means that if a person wins money from gambling activities during the tax year, they can now potentially reduce their taxable income by claiming the amount they lost while gambling. The deduction appears designed to provide some financial relief to individuals who engage in gambling activities by allowing them to net out their gambling-related financial gains and losses for tax purposes. While the bill doesn't specify exact calculation methods or limitations, it represents a new approach to handling gambling-related income in the state's tax code, potentially making gambling-related financial activities more tax-neutral for individual taxpayers.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05551&which_year=2025