Connecticut Senate Bill SB00166

Connecticut 2014 Regular Session

• Introduced: 2/18/14
• Refer: 2/18/14

Caption

An Act Concerning An Exemption From Personal Income Tax For Social Security Income.

Impact

If enacted, SB00166 would have significant implications for state tax revenue and the overall fiscal landscape. The state may experience reduced income from tax on Social Security checks, which could affect funding for public programs and services. However, the bill's supporters argue that the long-term benefits of reduced financial stress for seniors could lead to increased spending in the local economy and overall improved quality of life for retirees.

Summary

SB00166 aims to amend existing tax legislation by exempting Social Security income from personal income tax in the state. The intent behind the bill is to provide financial relief to retirees and individuals relying on Social Security for their primary source of income. By removing this tax burden, the bill seeks to enhance the financial security of vulnerable populations such as the elderly and disabled citizens who depend on these benefits for their livelihood.

Contention

The discussions surrounding SB00166 have raised some notable points of contention. Proponents, including elder advocacy groups and some legislators, advocate for the bill as a necessary step toward fair taxation, arguing that many seniors already face financial hardships. Conversely, opponents may express concerns regarding the impact on state funding, questioning whether an exemption could disproportionately affect the state's budget. The debate reflects broader discussions on equitable taxation and the responsibilities of the state towards its senior population.