Bill > HB06461

This bill proposes to eliminate two key tax-related provisions in Connecticut's tax code. First, the bill would remove the estate and gift taxes, which are taxes levied on the transfer of assets either upon death (estate tax) or during a person's lifetime as gifts (gift tax). Second, the bill would remove the qualifying income thresholds for personal income tax deductions related to Social Security benefits, pension, and annuity income. By eliminating these income thresholds, more individuals would likely be able to claim tax deductions on these types of income, potentially providing tax relief for retirees and seniors. The bill is straightforward in its approach, seeking to simplify tax regulations and potentially reduce tax burdens for Connecticut residents by removing specific tax requirements and income-based restrictions.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06461&which_year=2025