General Assembly Proposed Bill No. 7
February Session, 2010 LCO No. 147
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
SEN. DEBICELLA, 21st Dist.
General Assembly
Proposed Bill No. 7
February Session, 2010
LCO No. 147
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
SEN. DEBICELLA, 21st Dist.
AN ACT CONCERNING USE OF ANY STATE BUDGET SURPLUS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That section 4-30a of the general statutes be amended to provide that half of the amount of any state budget surplus shall automatically be applied each year to raise the amount of income exempted from state income taxation, and the new exemption amount shall carry forward to the following year. The remaining half of such surplus shall be deposited in the Budget Reserve Fund.
Statement of Purpose:
To use half of any state budget surplus to provide real income tax relief to state taxpayers.