Connecticut 2015 Regular Session

Connecticut Senate Bill SB00587

Introduced
1/22/15  
Introduced
1/22/15  
Refer
1/22/15  

Caption

An Act Exempting Social Security Income From The Personal Income Tax.

Impact

If enacted, SB00587 would directly affect chapter 229 of the general statutes regarding personal income taxes. The exemption of Social Security income would mean that individuals who rely on these benefits would no longer have to include them in their taxable income. This could potentially increase disposable income for retirees, enabling them to spend more on necessary goods and services, thus stimulating local economies. Furthermore, this could serve as an attractive factor for retirees considering relocation to the state.

Summary

SB00587, introduced by Senator Flexer and Representative Haddad, proposes a significant change to the state tax code by exempting Social Security income from the personal income tax. The bill aims to provide financial relief to retirees and individuals receiving Social Security benefits, which is a crucial source of income for many seniors. This change is intended to alleviate some financial burdens on this demographic, acknowledging the role that such benefits play in supporting retirees in the state.

Contention

The proposal is likely to spur debate among lawmakers regarding its fiscal implications for the state's budget. Critics may argue that while the exemption grants immediate financial relief, it could also reduce state tax revenues significantly. Supporters, on the other hand, may contend that the long-term benefits of supporting the elderly population outweigh the initial loss of revenue. There may be discussions on how this impacts public services, as a balance will need to be struck between providing tax benefits and maintaining essential state-funded programs.

Notable_points

The bill exemplifies growing recognition of the need to support elderly individuals within the state's tax framework, reflecting ongoing discussions about retirement security and the economic challenges faced by seniors. The debate may also touch upon broader societal values concerning the support of vulnerable populations through tailored tax measures.

Companion Bills

No companion bills found.

Previously Filed As

CT SB00028

An Act Concerning The Qualifying Income Thresholds For The Social Security Benefits Deduction From The Personal Income Tax.

CT SB00031

An Act Eliminating The Qualifying Income Thresholds For The Personal Income Tax Deductions For Social Security Benefits And Pension Or Annuity Income.

CT HB05067

An Act Eliminating The Personal Income Tax On Social Security Benefits And Pension Or Annuity Income.

CT HB05037

An Act Eliminating The Personal Income Tax On Social Security Benefits And Pension Or Annuity Income And The Estate And Gift Taxes.

CT HB05026

An Act Concerning The Personal Income Tax Deduction For Social Security Benefits.

CT HB05106

An Act Eliminating The Qualifying Income Thresholds For The Personal Income Tax Deductions For Social Security Benefits And Pension Or Annuity Income.

CT HB05022

An Act Requiring Indexing Of Income Thresholds For The Personal Income Tax And The Qualifying Income Thresholds For Personal Income Tax Deductions.

CT SB00081

An Act Exempting Certain Articles Of Clothing From The Sales And Use Taxes.

CT SB00101

An Act Requiring The Indexing Of Income Thresholds For The Personal Income Tax.

CT HB05108

An Act Eliminating The Qualifying Income Thresholds For The Personal Income Tax Deduction For Pension Or Annuity Income.

Similar Bills

No similar bills found.