General Assembly Proposed Bill No. 6058
January Session, 2015 LCO No. 1286
*01286*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. CANDELORA, 86th Dist.
General Assembly
Proposed Bill No. 6058
January Session, 2015
LCO No. 1286
*01286*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. CANDELORA, 86th Dist.
AN ACT CONCERNING THE SEGREGATION AND USE OF PERSONAL INCOME TAX ON UNEARNED INCOME.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That chapter 229 of the general statutes be amended to: (1) Require the Commissioner of Revenue Services to calculate the aggregate amount of personal income tax paid by taxpayers on the portion of Connecticut adjusted gross income equal to such taxpayers' unearned income includable in gross income for federal tax purposes, (2) use such calculation as a base amount of revenue representing the aggregate amount of personal income tax paid on unearned income, (3) effective January 1, 2016, provide that any personal income tax paid on unearned income that is greater than the calculated base amount shall be segregated from the General Fund and shall be used to (A) increase the amount in the Budget Reserve Fund, (B) provide debt service payments that are in excess of the amounts currently due, (C) reduce unemployment compensation debt, or (D) provide pension payments that are in excess of annual required contributions, and (4) in each following year, provide that the amount to be segregated shall be based on the amount of personal income tax paid on unearned income that is greater than the amount collected in the prior year.
Statement of Purpose:
To provide additional state revenue by segregating an amount of personal income tax paid on unearned income.