| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | General Assembly Proposed Bill No. 5056 | |
| 2 | 2 | January Session, 2017 LCO No. 103 | |
| 3 | 3 | *00103* | |
| 4 | 4 | Referred to Committee on FINANCE, REVENUE AND BONDING | |
| 5 | 5 | Introduced by: | |
| 6 | 6 | REP. BELSITO, 53rd Dist. | |
| 7 | 7 | ||
| 8 | 8 | General Assembly | |
| 9 | 9 | ||
| 10 | 10 | Proposed Bill No. 5056 | |
| 11 | 11 | ||
| 12 | 12 | January Session, 2017 | |
| 13 | 13 | ||
| 14 | 14 | LCO No. 103 | |
| 15 | 15 | ||
| 16 | 16 | *00103* | |
| 17 | 17 | ||
| 18 | 18 | Referred to Committee on FINANCE, REVENUE AND BONDING | |
| 19 | 19 | ||
| 20 | 20 | Introduced by: | |
| 21 | 21 | ||
| 22 | 22 | REP. BELSITO, 53rd Dist. | |
| 23 | 23 | ||
| 24 | 24 | AN ACT PHASING OUT THE PERSONAL INCOME TAX ON PENSION BENEFIT INCOME. | |
| 25 | 25 | ||
| 26 | 26 | Be it enacted by the Senate and House of Representatives in General Assembly convened: | |
| 27 | 27 | ||
| 28 | 28 | That chapter 229 of the general statutes be amended to exempt public and private pension benefit income from the personal income tax, such exemption to be phased in over a five-year period beginning July 1, 2019, at the following rates: (1) Ten per cent in the first year; (2) twenty per cent in the second year; (3) forty per cent in the third year; (4) eighty per cent in the fourth year; and (5) one hundred per cent in the fifth year. | |
| 29 | 29 | ||
| 30 | 30 | Statement of Purpose: | |
| 31 | 31 | ||
| 32 | 32 | To phase out personal income tax on public and private pension benefit income over a five-year period beginning July 1, 2019. |