General Assembly Proposed Bill No. 5211
January Session, 2011 LCO No. 589
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
REP. D'AMELIO, 71st Dist.
General Assembly
Proposed Bill No. 5211
January Session, 2011
LCO No. 589
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
REP. D'AMELIO, 71st Dist.
AN ACT CONCERNING AN EXEMPTION FROM THE PERSONAL INCOME TAX FOR PENSIONS AND SOCIAL SECURITY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That chapter 229 of the general statutes be amended to eliminate the personal income tax on all income received from defined benefit pension plans and Social Security over a period of three years as follows: For the income year commencing January 1, 2012, reduce said tax by fifty per cent; for the income year commencing January 1, 2013, reduce said tax by twenty-five per cent; for the income year commencing January 1, 2014, reduce said tax by twenty-five per cent.
Statement of Purpose:
To eliminate the personal income tax on pensions and Social Security.