Connecticut House Bill HB05212

Connecticut 2011 Regular Session

• Introduced: 1/13/11
• Refer: 1/13/11

Caption

An Act Concerning An Exemption From The State Income Tax For Veterans' Pensions.

Impact

If enacted, HB 5212 would amend chapter 229 of the general statutes to exempt veterans' pensions from state income taxation. This change could substantially enhance the financial well-being of retired military personnel, allowing them to retain a greater portion of their pension income. The anticipated positive economic impact is that veterans will have more disposable income, potentially contributing to local economies through increased spending on essential goods and services.

Summary

House Bill 5212 aims to provide a critical financial benefit to veterans by establishing an exemption from state income tax specifically for veterans' pensions. This bill is introduced with the intention of supporting veterans who have served in the military by alleviating some of their financial burdens through tax relief. By focusing on veterans' pensions, the legislation seeks to recognize the sacrifices made by military personnel and offer them a more favorable economic environment upon their return to civilian life.

Contention

The discussion surrounding HB 5212 may evoke varied responses from different stakeholders. Supporters, particularly among veterans' advocacy groups and Republican legislators, argue that the exemption is a just reward for veterans' service and sacrifice. Conversely, some critics may voice concerns regarding the implications of lost tax revenue for state services and budgets. The balance between offering necessary support to veterans while maintaining adequate funding for essential state programs may lead to an ongoing debate surrounding the bill.