An Act Concerning The Elimination Of Income Tax On Social Security Income.
If enacted, HB 05053 would amend existing laws outlined in chapter 229 of the general statutes, thereby eliminating the taxation of Social Security income. This legislative change could significantly impact the financial landscape for retirees in Connecticut, alleviating some of the tax burdens that they currently face. Supporters argue that such an approach would position Connecticut more favorably compared to neighboring states that have not adopted similar tax relief measures for Social Security benefits.
House Bill 05053 proposes the elimination of personal income taxes on Social Security income in Connecticut. Introduced by Representative Bacchiocchi, the bill aims to provide financial relief for senior citizens who may be taxed on their retirement income. By exempting Social Security from the state's income tax, the bill seeks to enhance the financial security of older residents and make Connecticut a more attractive state for retirement, potentially encouraging continued residency among older populations.
The discussion surrounding HB 05053 may highlight varying opinions regarding tax policy and its implications for state revenue. Proponents consider the bill an essential step toward providing tax equity for seniors, arguing that families relying on Social Security should not be penalized with state income taxes. However, detractors may express concern over the potential revenue loss for the state government and how that could affect funding for public services, which is an important consideration in budget planning.