General Assembly Proposed Bill No. 5056
January Session, 2017 LCO No. 103
*00103*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. BELSITO, 53rd Dist.
General Assembly
Proposed Bill No. 5056
January Session, 2017
LCO No. 103
*00103*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. BELSITO, 53rd Dist.
AN ACT PHASING OUT THE PERSONAL INCOME TAX ON PENSION BENEFIT 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 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.
Statement of Purpose:
To phase out personal income tax on public and private pension benefit income over a five-year period beginning July 1, 2019.